Sterling bank adopts digital commodity market
Sterling Bank Plc, has launched digital, end-to-end blockchain based commodity trading and financing platform.
Developed in partnership with Binkabi and AFEX Commodities Exchange, the platform will decentralise Agric commodity trading in Nigeria and all emerging economies, helping to reduce intermediation in trade while distributing profit more widely across the value chain.
Speaking at the press briefing, announcing the launch in Lagos yesterday, chief executive officer, Sterling Bank, Abubakar Suleiman, said Nigeria loses about half of its agricultural products yearly to post harvest processes.
Suleiman stated that “by introducing and establishing a viable and efficient agricultural commodities exchange platform, we are able tackle this sort of challenge.
“Cereal grains such as rice, maize and soya beans which are among the basic staple foods across Nigeria suffer the most loss among all agricultural commodities. By applying some of the latest scientific storage technologies and providing liquidity, we can help reduce this problem and increase margins for the farmers.”
According to him, “the productivity gain from the partnership is that the Agric sector will be de-risked and our farmers will become more viable for commercial lending.
“It will also create a pathway for more banks to lend to farmers without intervention funds making it possible for the Government to free up funds allocated to subsidising agric sector to other industries.”
Country manager Nigeria at AFEX Commodities, Ayo Balogun, said the commodity exchange was designed with farmers in mind, to help them mitigate risks and ensure payments are made through reliable financial service providers.
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