The Nation Newspaper

Tag: Sterling Bank

  • Mojec, banks collaborate on meter provision for customers

    As the date for the take off of the Meter Asset Provider (MAP) scheme draws nearer, Mojec Meter Assets Management Company, a subsidiary of Mojec International Limited, and also one of the selected MAP operators, is partnering some banks to ease the roll out of meters to customers next month.

    Mojec with the banks – FirstBank, Wema Bank, Unity Bank, Keystone Bank, Zenith Bank, Sterling Bank, Polaris Bank and First Option Micro Finance Bank – entered into a deal to provide retail financing to electricity customers to ease their acquisition of prepaid meters.

    The banks will provide finance to customers within the coverage area of Mojec’s partner-electricity distribution companies (DisCos) across the country. The banks, this week, signed memoranda of understanding (MoU) with Mojec in Lagos.

    MAP is a scheme that was initiated by the Ministry of Power, Works and Housing and approved by the Nigerian Electricity Regulatory Commission (NERC).

    The MAPs will provide, install and maintain customers’ meters and fast-track the closure of the metering gap, which is five million and  end estimated billing.

    According to the regulation guiding MAP operation, a MAP must install a customer’s meter within 10 days of payment for such meter and the operators of the scheme must meter unmetered electricity users in Nigeria within three years from the time they strart work next month.

    Mojec International Limited Managing Director/Chief Executive Officer, Ms. Chantelle Abdul, said at a summit of the partnering banks and DisCos in Lagos that the company is determined to bridge the metering gap in the sector by ensuring provision of top quality electricity meters to customers in Nigeria.

    Abdul said: “Now that MAP is here, Mojec is once again blazing the trail in the provision of high-end quality prepaid meters to customers, helping to reduce the financial burden estimated billing is putting on electricity consumers. Mojec as a company has invested a lot of resources positioning it as best suited to meet the metering needs of all customers within the coverage of its partner DisCos.

    “Mojec would be partnering eight DisCos, including, Ikeja Electric, Eko DsCo, Abuja DisCo, Kano DisCo, Enugu DisCo, Jos DisCo, Ibadan DisCo and Kaduna DisCo, covering about 20 states of the federation.”

    The General Manager, Finance and Management Services, NERC, Abdulkadir Shettima, commended Mojec for its leadership in the metering subsector as demonstrated by its efforts towards the full scale implementation of the MAP scheme, which allows customers easy and direct access to meter assets.

    “This MoU signing between Mojec and these banks as well as the announcement of the company’s readiness to implement the MAP scheme is very commendable. It goes to show that Mojec is a real leader in this business and it is committed to industry’s mission of ensuring that every household in this country is metered.”

    Polaris Bank Chief Executive Officer Tokunbo Abiru explained that the bank was pleased to partner with Mojec by providing financing support to customers on the meter acquisition scheme. “Our bank is glad to be facilitating the acquisition of these meters by granting loans to eligible customers under the programme,” he said.

    Keystone Bank Acting Chief Executive Officer, Abubakar Sule, explained: “Energy cost is by all standards the major cost line in most homes and businesses. The scheme is set to eradicate the unnecessary prevalence of estimated billing, which deprived the national economy of funds which otherwise could be deployed into other productive use. We are, therefore, excited to be part of this initiative to bring electricity to homes and businesses at the most prudent cost, putting households and business in control of their expenditure pattern.”

    The Managing Director Unity Bank Plc, Tomi Somefun, explained that the development reinforces the long-standing beneficial relationship and business commitment it had maintained with Mojec International Limited for well over two decades, adding: “The partnership will create beneficial impact on electricity customers, further drive financial inclusion through consumer banking, restore customer’s confidence, increase transparency and thereby replacing the opaque estimated billing system that had prevailed.”

    The Divisional Head, Retail and Consumer Banking, Sterling Bank, Shina Atilola, represented by Ayodele Odulaja, Head of Power and Telecoms Team, stated: “We are excited to be a key driver of the pre-paid meter acquisition programme, which will eliminate the inefficiencies associated with estimated billing and inaccurate post-paid meter readings. Leveraging technology, Sterling Bank is reputed for providing Nigerians with a convenient way to access loans ranging from N10,000 to N5million in five minutes through the Specta online lending platform.

    ‘’Electricity consumers will benefit from the speed of this solution under this partnership without the attendant delays of traditional lending.”

    The Managing Director, Wema Bank, Ademola Adebise, noted that the partnership with Mojec is a proof of the bank’s commitment to provide simple and easy retail financing for Nigerians. ‘’As a bank that takes pride in applying innovative solutions to societal challenges, we are proud and excited to work with Mojec in meeting the demands of equitable electricity metering in the country. This is a reflection of our can’t stop, won’t stop drive to create avenues that will support Nigerians to achieve their future dreams today,” he said.

    The Managing Director, First Option Micro Finance Bank, Godfrey Ogbuehi, stated: “The MAP project resonates so much with the company’s goal of enhancing lives and in response, a new product,  Light-Up Loan (Prepaid Meter Acquisition Loan), has been  strategically   created   to   provide   funding   to   help   energy   consumers   (both individual  and businesses), especially  the  low-  income  earners and  rural  dwellers; acquire prepaid meters with ease under the Meter Asset Provider Regulations.”

  • Edo, NIRSAL, Sterling Bank partner on mechanised farming

    Building on the strides made in the agricultural sector in the state, the Governor Godwin Obaseki-led administration has concluded plans on a partnership with the Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL) and Sterling Bank on the development of at least 1500 hectares of farmland in different locations across the state.

    Edo State Acting Governor, Rt. Hon. Comrade Philip Shaibu, who disclosed this when a team from NIRSAL paid a courtesy visit to the Government House in Benin City, assured farmers in the state of adequate incentives to boost productivity.

    He said the state government is committed to the partnership which ensures that farmers get necessary financial support to fast track the introduction of mechanised farming in the state.

    According to him, “I commend the banking sector for coming to the rescue of the agricultural sector. They are making the process of introducing farmers to new techniques and technologies easy. This will help in boosting productivity.”

    He added that the state government designed an entrepreneur programme for youths, which will help in grooming them for profitable agribusiness.

    Special Adviser to the Governor on Agriculture, Forestry and Food Security Programme, Hon. Joe Okojie, reiterated that agriculture remains the easiest and fastest way to create wealth, noting “People don’t pay much attention to agriculture in this country, but this system seems different in the sense that it is going to be strictly mechanised. We aggregate all the farmers, link them to funding, inputs and markets.”

    He said there are off takers for whatever the farmers produce, which is going to boost their confidence in developing large expanse of farmland.

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    According to him, “For instance, we have a rice belt in Iguoriakhi, where we are doing above 500 hectares of rice. We aggregated all the farmers that have been traditionally farming rice and helped in developing the land. We brought in the NIRSAL, to take it from mechanisation to harvesting.

    “In Illushi, we are doing about 1000 hectares of rice farming. That is also in our rice belt. We would aggregate the farmers in that area and improve their productivity.”

    Head, Agricultural Field Services, NIRSAL, Ibrahim Abdullahi said that the collaboration between the organisation and the Edo state government would improve the fortune of farmers in Edo State.

    According to him, “We have already identified about seven locations. The farmers engaged in subsistence agriculture, and did not approach it as a business. The governor has given us the mandate to work with the farmers to train them to create wealth and ensure that they take farming as a business. We have been having technical meetings. We are going to deploy our full team to the field so they can commence delineation.”

  • Sterling Bank grows net profit by 14.9% to N9.2b

    Sterling Bank Plc grew its bottom-line by 14.9 per cent to N9.2 billion in 2018, sustaining its upward growth trajectory.

    Key extracts of the audited report and accounts of the bank for the year ended December 31, 2018 showed that profit after tax rose to N9.2 billion in 2018 as against N8 billion in 2017. Gross earnings had increased by 14 per cent from N133.4 billion to N152.2 billion.

    The report showed that in line with the bank’s commitment to sectors that will create jobs, improve living standards and bring about economic growth for the country, Sterling Bank increased its financing efforts in the agriculture sector which accounted for about 10 per cent of its loan book. The bank also maintained a healthy capital and liquidity position at 13.3 per cent and 42.2 per cent respectively on account of additional tier 2 capital injection.

    Chief Executive Officer, Sterling Bank Plc, Abubakar Suleiman, said the 2018 performance demonstrated the bank’s commitment to the race it set out on at the beginning of the year.

    “We continued to identify more with our strategic pillars – agility, digitisation and specialisation – enabling us to set the stage for positive and sustainable growth across the business. Our investments in people and technology platforms drove significant traction in the retail and consumer segment, in line with our medium to long term goals,” Suleiman said.

    Reflecting on key performance drivers during the financial year, Suleiman said that consumer loans were up 108.3 percent driven by SPECTA – Nigeria’s leading lending digital platform.

    He added that mobile channel usage grew over 80 per cent following the launch of Sterling OnePay, an omni-channel mobile banking platform as transaction volumes doubled on the instant payment platform.

    “We would maintain a more customer-centric approach to achieving growth and strive to scale our digital products. Specifically, we will further diversify our loan book by targeting 20 percent share to Health, Education, Agriculture, Renewable Energy and Transportation – our HEART sectors,” Suleiman said.

    According to him, Sterling Bank would increase access to loans for a wider customer base through other exciting variants of SPECTA and further decentralise the investment market through digital platforms, refocus its corporate and investment banking segment with emphasis on providing innovative solutions to key corporates and banking the value chain.

    Sterling Bank was recently named the most Innovative Bank of the Year by the Central Bank (CBN) and Nigeria Inter-Bank Settlement System (NIBSS), has reported.

  • ‘We are partnering to ensure power supply’

    Zola Electric and Sterling Bank have entered into a partnership to solve power problems.

    According to the two companies,  households and businesses suffer from lack or inadequate power supply and spend huge amounts to enjoy substantial electricity supply.

    Speaking during the signing of a memorandum of understanding (MoU) in Lagos to seal the deal, Zola Electric Chief Executive Officer, Bill Lenihan, explained the edge Zola has over its contemporaries, including the durability and cost-efficiency of the panels and batteries.

    Sterling Bank Managing Director Abubakar Suleiman assured of the bank’s readiness to fund purchase and installation of Zola solutions to Nigerians who cannot afford to pay  for the product so they can pay back in installments.

    Lenihan said: “We have a business model that will solve the energy problem of Nigeria. We have studied market for about a year and everybody wants the power problem in Nigeria solved. Over 2.2 billion people across the globe, including Nigerians, don’t have access to power and many other also don’t have access to reliable power supply and that is the problem we love to solve as an organisation.

    “Our mission is simple, to offer 24-hour clean energy. Today, we use our solution to solve power problems across Africa. In Nigeria, we want to solve the problems of those who have access to grid and unreliable power supply. Average households in Lagos have an average grid power supply of about between four and eight hours.

    “Our solutions are designed and built for purpose to your energy needs and economic situation. Every single home and business is treated in this way. It is autonomous with seamless interoperable integration with solar grid and generations with smart connected technology providing optimisation

    “Only Zola has a product offering that spans the 2.2 billion people that don’t have access to power. It provides power independence at your fingertips, power for purpose and scalable with customer needs. The software synchronises all power sources, controls frequency and ensures consistent, safe and reliable power. Our product offering is not just durable, it is a life-time solution”

    Suleiman said: “Zola is not another service provider that is leveraging solar. It is an energy solutions provider that can solve Nigeria’s energy problems. Nigeria’s energy problem is a crisis of great magnitude. It is important that we have that understanding. It is not a small crisis that a company, state government or ministry of power can deal with. It is something that has massive impact on any single person that does business in Nigeria. If you don’t solve the problem of power, you cannot solve the problem of unemployment, if you don’t solve the problem of unemployment, you don’t have the chances of solving the problem of security. Massive unemployment, this is one big problem of our time.

    “As a bank, this is one of our concerns, to solve unemployment but we cannot solve that without solving the problem of power. You cannot solve the power problems in millions of homes and business but can find a model that can help solve it, hence the partnership with Zola. I will not describe the challenges we face in power sector privatisation or the lack of investment in the grid, among others, those are major challenges. Some smaller countries such as United Kingdom have far more advanced grids because they invest heavily in them. Beside the problems of reliable power supply and unemployment, is the climate change challenge, which increasingly calls for adoption of clean energy.

  • Zola Electric, Sterling Bank seal power deal

    American renewable energy firm, Zola Electric and Sterling Bank, has signed a memorandum of understanding (MoU) on financing Nigerian households and businesses that yearn for reliable 24-hour power supply.

    The partnership, which was sealed in Lagos, aims at deepening access to reliable clean power supply to Nigerians through Zola solutions and loans from Sterling Bank.

    Speaking at the MoU signing ceremony, the firm’s Chief Executive Officer, Zola Electric, Bill Lenihan, after studying the market for about a year, the firm, he revealed, has developed a business model that has the capacity to solve the energy problem of the country.

    He added that over 2.2 billion people across the globe, including Nigeria, don’t have access to power and many others also don’t have access to reliable power supply. This is the problem the firm love to solve.

    “Our mission is simple, to offer 24hour clean energy. Today we use our solution to solve power problems across Africa. In Nigeria, we want to solve the problems of those who have access to grid and unreliable power supply. Average household in Lagos has an average grid power supply of about between four and eight hours.

    “Our solutions are designed and built for purpose to your energy needs and economic situation. Every single home and business is treated in this way. It is autonomous with seamless interoperable integration with solar grid and generations with smart connected technology providing optimisation.’’

  • Sterling Bank backs slum kids arts project

    Sterling Bank Plc has reiterated its support for Slum kids celebration of MyFreedomDay, unveiling of portraits of 196 World Leaders held in Lagos.

    The bank is backing the children in Ijora-Badia, an underserved high-density settlement in Lagos, who joined their counterparts in other parts of the world to campaign against modern slavery.

    The children’s message was on the need to curtail modern slavery by unveiling water colour portraits of 196 World Leaders. which creates the logo of Cable News Network (CNN) when grouped in an exhibition.

    Head, Public Relations, Sterling Bank, Adeola Adejokun, said the bank was proud to be associated with the bid to enrich the lives of children in under-serviced communities, such as Ijora-Badia through creativity and exposure to art.

    “We are excited by what the children have been able to achieve in just two weeks, and these include drawing, painting, self-expression and creative problem-solving skills. The lives of many among the 196 participants will not remain the same. More invaluable was the opportunity to take the campaign against child labour, forced marriage and domestic servitude, which are all forms of modern slavery, to a community where a large number of vulnerable of children live. We are certain that awareness against modern day slavery has been heightened in Ijora-Badia”, Adejokun disclosed.

    The global campaign against modern slavery spread across six continents and 100 countries with the theme #MyFreedomDay is part of the CNN Freedom Project aimed harnessing youths to end slavery.

    The campaign drew attention of people, government agencies, and organisations on the need to protect children’s rights. This is the only way to end the new trend of slavery devouring the dignity of children, the bank said.

    Director, Slum Art Foundation and four-time Guinness World Record holder, Adetunwase Adenle expressed delight in the ability of unexposed children to create a unique work of art, which showcases their creativity to be productive in their community.

    He stated: “The project is one driven by a global scourge which has become prevalent in present day societies where children are being saddled with the responsibility of supporting their homes from a young age rather than living their lives and experiencing the joys of childhood with their peers.’’

    Adetunwase appealed to parents and foster parents in underserviced communities and shanties to brace and act more responsibly in protecting the rights of their children and liberate them from compulsion, verbal threats, coercion and other actions or inactions that could rob their children of their childhood unlike their counterparts around the world.

    Adenle appreciated the support of Sterling Bank, Flour Mills and Project Volunteers, which made the project a reality, thereby ensuring that the children of Ijora Badia had an exciting experience. He pledged to promote the rights of youths in slums by equipping them with creative skills and education  to make them more productive.

    Corporate Communications Manager, Flour Mills of Nigeria Plc, Samuel Iboroma added: “We are truly excited to be part of the CNN My Freedom Day Project. While this is a very small step towards raising awareness for the realities surrounding human trafficking, child labour and how it affects children, we believe that it is a step in the right direction. Children like the ones that are taking part in the painting and art deserve the opportunity to grow to their full potential.’’

  • Sterling Bank lists N33b bonds on NSE, FMDQ

    Sterling Bank Plc yesterday listed its N32.9 billion bond on the Nigerian Stock Exchange (NSE) and FMDQ OTC Securities Exchange, paving the way for investors in the bond to trade on their units.

    The N32.90 billion Series 2 bond, issued by Sterling Investment Management SPV Plc, a special purpose vehicle of the bank, is an unsecured bond with a tenor of seven years at a fixed coupon rate of 16.50 per cent. The bond is part of a N65 billion debt issuance programme launched by Sterling Bank to support its new business strategy and digital banking.

    Under the new business strategy, Sterling Bank will build expertise and investments in five sectors regarded as growth sectors of the Nigerian economy including health, education, agriculture, renewable energy and transportation.

    Speaking during the listing at the NSE and FMDQ, Managing Director, Sterling Bank Plc, Mr. Abubakar Suleiman, said the success of the bond reflected the increasing appetite of local institutional investors for long term debt instruments and increasing confidence in Sterling Bank as an issuer.

    According to him, the considerable oversubscription of the issue showed investors’ confidence in the bank and further strengthened and diversified the bank’s corporate funding strategy.

    He commended stockbrokers for supporting the bank and assured that the bank will continue to engage the market on its activities.

    He urged capital market operators to continue to support the bank as it continues to explore opportunities to widen its businesses and strengthen is balance sheet.

    Associate Executive Director, Capital Markets, FMDQ OTC Securities Exchange, Ms. Tumi Sekoni commended Sterling Bank for again joining the league of corporate entities whose debt profiles have been raised through the value-packed listings, quotations and noting service offered by FMDQ. Sterling Bank had listed its earlier bond on FMDQ.

    She noted that the listing would contribute to the growth of the Nigerian corporate bond market by injecting renewed confidence into the debt market.

    She assured stakeholders that FMDQ would continue to innovate and provide efficient services, as may be necessary, to support issuers and investors, towards achieving a globally competitive and operationally excellent debt market.

    Partner and Head of Investment Banking, Constant Capital Partners Limited, Mr. Niyi Omojola noted that his firm, the lead issuing house in the bond issue, crafted a unique and innovative investment structure which enabled the Sterling SPV bond share in the same investment grade rating as Sterling Bank Plc, thereby enlarging the range of potential investors in the bond.

    He said the innovative structure protects investors by providing bond-backed credit enhancement while investing in the Tier II capital of Sterling Bank Plc.

    According to him, as a result of the compelling proposition offered by Sterling Bank Plc and the structuring and distribution efforts of Constant Capital, the transaction was extensively oversubscribed.

    Omojola also said the innovation has allowed investors benefit from an enhanced rating, while providing Tier II capital to Sterling Bank Plc.

    Associate Executive Director, Corporate Development, FMDQ OTC Securities Exchange, Ms.  Kaodi  Ugoji,  said listing on FMDQ will avail the bond unprecedented market transparency, unrivalled information disclosure, efficient price formation and improved global visibility, among other benefits.

    She reiterated FMDQ’s commitment to continually align its initiatives towards serving and providing the much-needed support to the players in the DCM.

     

  • Sterling Bank secures $65m facility from BADEA

    The Arab Bank for Economic Development in Africa (BADEA) has extended $65 million (about N23.4 billion) credit facilities to Sterling Bank Plc . The facilities were granted through two loan agreements signed on Monday in Cairo, Egypt.

    Director General of BADEA, H.E. Dr. Sidi Ould TAH signed on behalf of BADEA while Yemi Odubiyi, Executive Director, Corporate & Investment Banking signed on behalf of Sterling Bank.

    Commenting on the facilities extended to Sterling Bank, Mr. Odubiyi disclosed that the first facility, which amounts to $15 million, is a line of credit for the financing of private sector projects while the second facility, which amounts to $50 million, is a line of credit for financing Arab exports to African importers, as part of BADEA’s programme for financing foreign trade. He thanked the Arab Bank for Economic Development in Africa for having confidence in the Bank.

    According to Odubiyi, the first line of credit would help the bank to finance private sector projects in Nigeria by re-lending its resources to customers. He further explained that within the same context, the two parties also signed a loan agreement to finance a line of credit that would be allocated to trade finance operations.

    This second line of credit is aimed at bringing Arab goods and products to Nigeria by re-lending its resources to beneficiaries in the country. This will also help to encourage and promote trade exchanges between Arab and African countries in addition to defining African markets for Arab products, thereby helping the growth of Arab exports destined for Sub-Saharan Africa.

    On his part, Dr. TAH described the loan signing agreement as the beginning of cooperation between BADEA and Sterling Bank. He said the cooperation would enhance the role of the private sector in Nigeria’s economic and social development by contributing to the mobilisation of production and service sectors. This will also aid the creation of job opportunities in support of Nigeria’s budget through tax revenues, which will accelerate economic growth and improve the living standards of the populace.

  • Sterling Bank, Leah Foundation tackle cancer

    Sterling Bank Plc has partnered the Leah Foundation to create awareness on breast and cervical cancers through a movie titled ‘Diamonds in the Sky.’

    Commending Sterling Bank for sponsoring Diamonds in the Sky, Mrs. Omolewa Ahmed, First Lady of Kwara State and Founder, Leah Foundation said, “We appreciate Sterling Bank for investing in continued breast and cervical cancer awareness and education. Without proper awareness, a lot of women cannot identify possible warning signs of cancer making it impossible for them to take prompt action that can lead to early diagnosis. Our goal is to heighten breast and cervical cancer awareness through this educative movie to increase early diagnosis and screening rates because it increases the chances for successful treatment.”

    Speaking on the movie which premiered recently at the Viva Cinemas in Ilorin, the Kwara State capital, Ademola Adeyemi, Regional Business Executive, South West, Sterling Bank Plc, disclosed that Diamonds in the Sky is a breast and cervical cancer advocacy movie designed to create awareness about cancer.

    Adeyemi noted that, according to available records, cancer is the second leading cause of death globally with a record of 9.6 million deaths in 2018.

    He said, “The key to winning the fight against the dreaded disease is early detection and we are determined to ensure that everyone has access to good health care through our HEART initiative.”

    Adeyemi Ademola explained that Sterling Bank has aligned its business model to offer financial and non-financial solutions in key areas of the economy which are at the heart of the bank. He reiterated that the key areas which will drive investments by the bank are health, education, agriculture, renewable energy and transportation (HEART).

    He said Sterling Bank is impressed by the level of investment sunk into the Leah Cancer Centre – The Leah Breast & Cervical Project powered by the Leah Foundation.

    Adeyemi enjoined other charitable organisations to emulate the foundation, adding that Leah Foundation is the first non-profit and charitable health organisation delivering breast and cervical cancer screening services to urban and rural communities in Kwara State.

    He urged charitable organisations in the country to emulate Leah Foundation by adopting its model in a bid to improve the quality of life as well as life expectancy of millions of Nigerians.

  • Sterling Bank deepens FDI, int’l trade

    Sterling Bank Plc is set to access a new stream of Foreign Direct Investment (FDI) and promote international trade with its partnership with Opportunity Network, a business match-making platform.

    Chief Executive Officer of Sterling Bank, Abubakar Suleiman, while addressing media stakeholders in Lagos said that the bank is proud to partner with the global firm, remarking that the single most important thing that a bank provides is trust. He added that Opportunity Network establishes that trust between investors across the globe.

    Mr. Suleiman said the partnership would enable Sterling Bank place its customers on the platform which in turn will increase their ability to collaborate with potential business partners across the globe.

    Also speaking on the partnership, Divisional Head, Corporate Clients Coverage & Sales at Sterling Bank, Mojisola Bakare, described Opportunity Network as a platform that provides seamless trading between local businesses and foreign investors.

    In her comments, Managing Director of Nigeria Opportunity Network, Adriana de la Cruz Duffo, said the platform is a tool for enhancing business growth as well as a digital platform for vetted CEOs and investors to share and connect with reliable trade and investment deals globally.

    Duffo described Opportunity Network as a “private invitation-only network of business owners, CEOs and high net worth individuals carefully selected and vetted by a financial institution or law firm who is our trusted partner.”

    She said 25 companies have indicated interest in the platform with about 20 on the verge of closing their deals at the pilot stage in Nigeria. She added that the platform aggregates high-quality commercial, mergers, acquisitions and capital related opportunities from around the world into one single, online location.

    “Business deals are actionable and proprietary and can be posted and searched by deal type, industry, geography and deal size,” she said, adding that the organisation’s platform “aggregates the vetted clients of financial institutions and professional associations.”

    Duffo disclosed that Opportunity Network currently has partnerships with UBS worldwide, Citizens Bank and YPO in the United States, London Stock Exchange Group, Intesa Sanpaolo in Italy and ABN Amro in Netherlands, among others.

    She said Opportunity Network has closed $178 billion deals in 120 countries for 18,000 corporates and with 38,000 connections made, adding that connection can be established within 48 hours of first contact.

    She said results after one year of collaboration with partners showed that 70 per cent of the members actively used the platform. According to her, “When posting, 95 percent of them receive connections within the first week while 75 percent of the opportunities posted are either negotiating or already closed the deal and on average, members receive 11 connections per opportunity.”