Sterling Bank Plc has announced a partnership agreement with Credit Café Africa to provide 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.
The partnership was formalized with the signing of a Memorandum of Understanding (MoU) between the two companies. According to Mr. Obinna Ukachukwu, Divisional Head of Health and Education Finance with Sterling Bank, the service will cover operators of nursery, primary, and tertiary institutions, as well as hospitals, clinics, pharmaceutical, and diagnostic centres.
Mr. Ukachukwu stated that 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 million loan and a minimum of N100,000 loan depending on the applicant’s financial needs, Mr. Ukachukwu added.