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Demica expands supply chain finance solutions in Nigeria

Demica expands supply chain finance solutions in Nigeria
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Demica, a FinTech company specializing in supply chain finance solutions, has expanded its services to Nigerian businesses, including SMEs, through a new banking partnership between African Export-Import Bank (Afreximbank) and Sterling Bank. This partnership introduces the innovative AFREXIMBANK TRADELINK in Nigeria, leveraging Demica’s payables finance technology and supplier onboarding tool. The product aims to reduce the trade finance gap in Africa, especially for the SME segment. The partnership provides financing in both local and foreign currency, allowing suppliers to access funding by obtaining early payment for invoices approved for payment by their corporate buyers. This move is expected to drive the expansion of supply chain finance in Nigeria and assist the growth of trade in and from Africa.