Sterling Bank Plc has forged a partnership with a digital lending platform, Credit Café Africa to distribute a credit facility template, insurance and other value-added services to existing and potential customers of the bank in the education and health sectors.
While giving his remark at the signing ceremony of the Memorandum of Understanding (MoU) between Sterling Bank and the digital platform, the divisional head, of health and education Finance with Sterling Bank, Obinna Ukachukwu, said the service would cover operators of nursery, primary and tertiary institutions as well hospitals, clinics, pharmaceutical and diagnostic centres among others.
Ukachukwu said the bank would invest N10 billion into the partnership in the first phase and scale it in the future. Under the arrangement, customers can get up to a maximum of N20 million loan and a minimum of N100,000 loan depending on the applicant’s financial needs.
Also speaking, founder/CEO of Credit Café Africa, Louis Gyiman, said his organisation will make it possible for customers of the Bank to access finance through the credit facility template in a faster and more efficient manner.
He said the facility would enable potential customers to personally monitor everything related to the credit as well as build up credibility in the system, which he described as seamless and effective.
The digital platform streamlines the lending process by offering quick, flexible loans for transforming businesses and providing quick access to quality credit. Its algorithms determine eligibility and available loan limits, allowing for a faster and more efficient experience.
