Sterling Bank Nigeria Plc says it has opened its newly enhanced agriculture commodities platform in Nigeria, called SABEX, for public use.
In a statement on Thursday titled ‘Sterling Bank introduces improved agricultural commodity trading platform in Nigeria, the bank said it would facilitate funding for agro dealers.
“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,” it said.
The Executive Director, Corporate and Investment Banking, Sterling Bank, Mr Yemi Odubiyi, explained that the upgraded digital commodities trading platform would provide real-time credit financing solution for farmers, sellers and buyers of agro commodities to transact.
Odubiyi said Sterling Bank had shown beyond every reasonable doubt that it was committed to important innovations, adding that the end-to-end blockchain commodities trading and financing platform was 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.”
He added, “Aside from the opportunities available for electronic warehouse receipt, commodity trading has just got better on the platform.
“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 had become imperative because the extensive intermediation associated with commodity trading in Nigeria which had resulted in losses for primary producers over the years.