Sterling Bank identifies business opportunities post COVID-19

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post COVID-19

post COVID-19

Sterling Bank Plc has identified business opportunities which customers can leverage to meet their needs  in various sectors of the Nigerian economy post-COVID-19.

The bank rolled out the opportunities at its virtual town-hall meeting/webinar series held by the  Commercial Banking Group  (Eastern region) recently and hosted by Mr. Tunde Adeola, its Executive Director, Commercial Banking, with participants drawn from customers in the Southeast, Midwest and South-South  region who play in different sectors of the economy from general commerce to health,  agric, education, manufacturing, oil &gas, transportation and construction,  among others.

Speaking on  health and new educational opportunities, Mr. Obinna  Ukachukwu, Divisional Head, Health and Education Sector of the Bank,  said the Nigerian educational system would change dramatically post COVID-19 as it had thrown up opportunities for online learning.

He said,  going forward, there would be a need for portions of the educational curriculum to be online so that pupils and students could learn  by  watching  educational  videos  online  over and over.

Ukachukwu  also talked about franchising opportunities, noting that there will be opportunities for partnerships with other educational institutions to  enhance competition as well as consolidation of operations to drive down costs.

He added that the bank  would position its customers to  effectively  access funding  that will enable them  to maximise opportunities in the changing environment post  COVID-19.

He  advised pharmaceutical companies to pool resources together to produce general drugs and consolidate their operations. He also advised consolidation in the hospital value chain, open Electronic Management Records (EMR) and making EMR mandatory for hospitals arguing that hospitals without EMR  would  likely lose patients.

He advised the citizenry to download  Tremendoc  App, a health app, to enable them to gain access to medical  consultancy online also stressed the need to fund EMRs.

Also speaking, Mrs.  Bukola Awosanya, Group Head, Agric & Solid Minerals Sectors of the bank,  who spoke on Agric Finance and agribusiness opportunities  noted that  Nigerians should be able to grow what they eat,  adding  that Sterling Bank  has what it takes  to support farmers and other stakeholders across the  agric  value chain.

Awosanya observed that  there are  huge  opportunities  for  agricultural  development  in the South East of the country because  the soil profile in  the area could  easily support the production  of cash crops  like cashew and oil palm  which  are in high demand in the export market.

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She said the  region  is  also  able to  provide  opportunities  for  rice plantation and processing  as well as  large mechanised farming,  including  cassava chips for export and local consumption  or  industrial use of cassava starch. She added that  opportunities to process cocoa into cake and butter  are  equally available in the region.

According to her,  the  region  also has opportunities for poultry, hatcheries and egg production as well as access to market.

Awosanya said the bank has provided warehousing facilities across the country to enable farmers  to  warehouse their produce, obtain receipts for them which they can convert to liquidity and sell when they want.

She also talked about smart agriculture, aquaculture value chain,  agro-e-commerce and financing solutions  provided  by the bank to meet the financial needs of prospective and existing customers from the region.

Mr. Nyong Inwang of the Transaction Banking  department of Sterling Bank,  who spoke on Supply Chain Finance Opportunities,  encouraged distributors and suppliers  who are customers of the bank to leverage the opportunities to meet their needs.

He said the bank’s  distributors’  finance scheme provides customers with working capital, partner with them to take advantage of opportunities to enable  them to  have quick access to finance under 72 hours of up to N500 million at competitive interest rates and also by lending through  Specta.

Abidemi  Asunmo, Head, Transactions Banking Collections  of Sterling Bank,  who spoke on Digital Solutions & Opportunities talked about increased need for digitisation, global and real time visibility, uniform control over account of clients, how clients can be paid faster, visualisation and  re-imagination solutions and flexibility on how to meet clients’mandates.

Vanguard

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Source: Vanguard News

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