Sterling Bank updates its agric commodities trading platform
To further expand agribusiness growth and improve investments, Sterling Bank Plc has updated its agriculture commodities platform operated by SABEX, an affiliate company.
SABEX, first introduced in 2018, is the world’s first fully digitized, end-to-end block-chain commodities trading and financing platform, built by Sterling Bank in collaboration with AFEX Commodities Exchange Limited, according to the bank.
This was made known by Yemi Odubiyi, Executive Director, Corporate & Investment Banking of Sterling Bank, who 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 proven beyond every reasonable doubt that it is committed to important innovations, adding that the end-to-end block-chain commodities trading and financing platform is the future of agribusiness and trading in the country.
The Executive Director 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.”
He also 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”.
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