Sterling Bank and MVX partner to provide credit and freight services to customers
The partnership agreement would see Sterling Bank extend credit access to vendors and customers of MVX, a top shipping company in Nigeria. On its part, MVX, the B2B digital freight booking and embedded trade ﬁnance provider with a presence in South Africa, Kenya, Tanzania, Ghana, and Rwanda, would deploy its tech-powered freight forwarding and logistics solution to Sterling Bank’s corporate customers across Nigeria.
Banks intermediate about 80% of world trade, according to the African Development Bank. In comparison, banks support only about 40% of total trade in Africa, suggesting that the sector is remarkably underserved by banks on the continent. The collaboration between Sterling Bank and MVX would bring together the best of logistics technology and bank credit facilities to expedite trade for Nigerian businesses and accelerate the industry’s growth in Africa.
“This is a landmark partnership for us. We have always believed that the opportunities in the industry require collaboration across the board to maximise. Sterling Bank is one of the leading providers of corporate credit facilities in Nigeria, and we are excited about the opportunity our vendors and customers now have to access their innovative credit products via our platform,” Tonye Membere-Otaji, MVX Founder and CEO, said.
“MVX has been deploying incredible tech-powered logistics solutions to hundreds of corporate clients across Africa. We see them as a key player in the future of trade on the continent. Our partnership with them would enable us to serve a signiﬁcant part of our customer base better by providing fast and easily accessible freight shipping services to them while also having the opportunity to expand our trade support in Africa,” Kashetolulope Lawal, Sterling Bank’s Group Head, Client Coverage and Financial Institutions, commented on the partnership.
Sterling Bank and MVX are committed to helping Nigerian businesses to succeed. Over the years, they have deployed products and formed crucial partnerships with different stakeholders to promote the interests of their customers and enable them to achieve success within Nigeria and across Africa.