Sterling Bank Plc has updated its agriculture commodities platform operated by SABEX, an affiliate company.
According to the bank, SABEX, first introduced in 2018, is the world’s first fully digitized, end-to-end blockchain commodities trading and financing platform, built by Sterling Bank Plc in collaboration with AFEX Commodities Exchange Limited.
MrYemi Odubiyi, Executive Director, Corporate & Investment Banking of Sterling Bank, who disclosed this in a statement issued by the bank 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.”