Sterling Bank Nigeria, a full national commercial bank licensed by the Central Bank of Nigeria (CBN), has launched a commodities trading platform built on blokchain to enable farmers, traders, and investors buy, sell, and borrow.
The trading platform, called SABEX, also comes with a mobile app and is only available to users who have a Sterling Bank account.
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Although there is no much information available about SABEX, it looks like the platform allows farmers to access market storage such as warehouse operators, and finance as well in addition to buying and selling produce.
The ability to offer commodity financing in just 2 minutes on the platform as well as access to traders and investors is also quite attractive.
NB: We will share more info in a future post on how the platform works
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