Sterling Bank Plc has signed a partnership agreement with Credit Café Africa for the distribution of a credit facility template, insurance, and other value-added services for existing and potential customers of the bank in the health and education sectors of the economy.
Speaking at the signing ceremony of the Memorandum of Understanding (MoU) between Sterling Bank and the digital lending platform, the Divisional Head, Health and Education Finance with Sterling Bank, Obinna Ukachukwu said the service will cover operators of nursery, primary and tertiary institutions as well hospitals, clinics, pharmaceutical and diagnostic centers, among others.
Read also: Monieworx unlocks alternative financing for SMEs
The divisional head said the bank will put N10 billion behind the partnership in the first tranche and scale it in the future. Under the arrangement, customers can get up to a maximum of N20 billion loan and a minimum of N100,000 loan depending on the applicant’s financial needs, he added.
Also speaking, Louis Gyiman, Founder /CEO of Credit Café Africa, said his company will make it possible for customers of Sterling Bank to have access to finance through the credit facility template in a faster and efficient manner.
He said the facility will 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.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
