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Sterling Bank introduces improved agricultural commodity trading platform in Nigeria to facilitate funding for agro dealers

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Sterling Bank introduces improved agricultural commodity trading platform in Nigeria

 Leading commercial bank, Sterling Bank PLC has
declared open for public use SABEX, its newly enhanced agriculture commodities platform
in Nigeria.

SABEX, first introduced in 2018, is the world's first fully digitised, end-to-end blockchain
commodities trading and financing platform, built by Sterling Bank Plc in collaboration with
AFEX Commodities Exchange Limited.

Mr Yemi Odubiyi, Executive Director, Corporate & Investment Banking of Sterling Bank,
who disclosed this in a statement issued by the bank recently, explained that the upgraded
digital commodities trading platform will provide real-time credit financing solution for
farmers, sellers and buyers of agro commodities to transact.

Odubiyi said Sterling Bank has shown beyond every reasonable doubt that it is committed
to important innovations, adding that the end-to-end blockchain commodities trading and
financing platform is the future of agribusiness and trading in the country.

Odubiyi said, "With all that we have done, we wish to further expand agribusiness’ growth,
improve investments in the sector, and drive economic growth using innovative
technologies such as SABEX. We are confident of the huge prospects available to all
stakeholders who come on the platform."

The Executive Director noted that, "Aside from the opportunities available for electronic
warehouse receipt, commodity trading has just got better on the platform," remarking that,
"It is no understatement that at Sterling Bank, our commitment to innovative banking and
wealth creation is one of the reasons for the SABEX solution."

The Executive Director said SABEX has become imperative because the extensive
intermediation associated with commodity trading in Nigeria which has resulted in losses for
primary producers over the years.

He said the platform aims to increase the earning capacity of commodity producers and
other supply chain actors by offering trading opportunities at fair prices to a diverse pool of
buyers and sellers.

Odubiyi added that the platform also "seeks to promote commodity as an asset class to
attract investments into the agricultural sector by aggregating important components of the
chain: provision of storage facilities; assemblage of buyers and other value chain actors;
banking and financing opportunities in a stress-free, secured and transparent market-place
system such that stakeholders can earn more while ensuring food security and economic
prosperity."

By this development, Sterling Bank’s role as a major driver of innovation and creativity in
Nigeria’s agriculture sector has been re-affirmed.

I am Paschal Ogechi Obi Chikero . I have written and published three books , I wrote Festus Keyamo's biography- Lion In Isolation .I have been a Reality TV show Producer/Creator, an Actor and Film Script Writer.

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