Two Nigeria-based companies, the financial services portal Credit Café Africa and Sterling Bank, recently agreed to collaborate to distribute NGN 10 billion (USD 21.7 million) in loans to health and education facilities. The loans, which will be sized between NGN 100,000 (USD 217) and NGN 20 million (USD 43,400) are to focus on “nursery, primary, and tertiary institutions’ proprietors, as well as hospitals, clinics, pharmaceutical companies and diagnostic centres.” The loans will be funded by Sterling Bank, and borrowers will be able to apply for them on Credit Café’s website.
Credit Café serves as an online intermediary between borrowers and lenders, using “algorithms to determine… eligibility and available loan limits.” These loans may be used by medical and educational firms for cash flow and asset purchases, with loan disbursal promised within 48 hours. Credit Café also reportedly offers “insurance and other value-added services.” The firm was founded in 2022 and has offices in Ghana, Nigeria and the US.
Sterling Bank was founded in 2006 from the merger of five Nigerian banks. As of 2022, the institution reports USD 2.8 billion in total assets and 3 million corporate, commercial and retail customers.
By Ben Barba, Research Associate
Sources and Additional Resources
Okay.ng article
https://www.okay.ng/sterling-bank-partners-with-credit-cafe-africa-to-offer-credit-facility-to-health-and-education-sectors/
Credit Café post on LinkedIn
https://www.linkedin.com/feed/update/urn:li:activity:7035952215261380608/
Credit Café homepage
https://www.creditcafeafrica.com/
Sterling Bank homepage
https://sterling.ng/
Sterling Bank quarterly report
https://investors.sterlingbank.com/news-releases/news-release-details/sterling-bancorp-reports-first-quarter-2022-financial-results
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