Sterling Bank Signs MoU With Nigerian Optometric Association 

A Memorandum of Understanding (MoU) has been signed by Sterling Bank Plc with the Nigerian Optometric Association for the automation of operations, enhancing capacity, and providing funding at competitive interest rates for members of the association.

The Group Head, Health Finance of Sterling Bank, Ibironke Akinmade, while speaking at the signing ceremony in Lagos, said the initiative was part of the bank’s vision to be the leading bank for businesses in the health sector.

“We have adopted a community approach in engagement with stakeholders in this sector. This will not only give us leverage to develop tailor-made propositions for the community, but it also creates an inroad for engagement of their members through a cluster approach.”

The bank recently engaged the NOA to scale its offerings in the health sector, which included access to finance (template credit), access to digitalisation (payment platforms and electronic medical records) as well as advisory services, among others, she explained. 

She said the aim of the partnership is to further position the bank as the bank of choice for businesses in the health sector, adding that this meant more business collaboration and partnership with stakeholders in the health space.

According to her, the bank had earmarked N10 billion for the entire health care sector in the country and would accommodate any level of funding that members of the NOA may require.

Under the MoU, members of the association would be able to borrow from the Central Bank of Nigeria intervention for the health sector at five percent as well as obtain template credit from the bank within 48 hours at a competitive interest rate of 20 percent, which would be below the prevailing rate in the banking industry, she said.

The statement said, “Since 2018, Sterling Bank has concentrated investment in five sectors of the economy under its HEART’s strategy in a bid to make an impact in the country’s economic development.

"The five sectors in the HEART’s strategy include health, education, agriculture, renewable energy, and transportation.”

Also commenting on the signing ceremony, the President, NOA, Dr. Obinna Awiaka, said the association wanted a bank that would help its members to grow and discovered that Sterling was the only bank that has a passion for the healthcare sector.

He also explained that, once the healthcare industry is built, the economy would also grow, therefore, the relationship between members of his association and the bank would have a positive impact on the economy.