Stanbic Bank Botswana Head of Personal and Business Banking, Mr. Chiko Manokore
Stanbic Bank Botswana Head of Personal and Business Banking, Mr. Chiko Manokore|Source: Stanbic Bank Botswana
Press Releases (Stanbic Bank Botswana)

Stanbic Bank Facilitates Ease of Trade

Ease of Trade Between Local Importers & Chinese Markets Facilitated

By Tanlume Enyatseng

|

24 April 2020

GABORONE – Stanbic Bank Botswana this week launched its Africa China Agent Proposition (ACAP), which aims to assist Botswana’s importers source and validate quality goods, safely and efficiently, from the most competitive suppliers in China. The initiative provides access to a universe of Chinese suppliers and eases the cash flow of importers through expert financial support and empowering importers with insight and control of the entire importing and logistics process.

China - Africa relations have been marked by vast advancements in trade and cultural exchanges over the past two decades. However, the recent outbreak of COVID-19 has affected global trade greatly. Due to Africa’s close trade partnerships with China, concerns have been raised about African countries’ ability to trade with China during and post COVID-19. ACAP is revolutionising the way in which African businesses import from China as one possible solution to the challenges faced by importers and businesses in Botswana wanting to trade with China. Building on Standard Bank Group’s long-standing expertise and heritage in Africa, Stanbic Bank will facilitate the following:

  • Connecting clients with reputable Chinese importers

  • Providing assistance to navigate the regulatory requirements

  • Assisting to overcome language barriers through access to Mandarin-speaking agents.

  • Sourcing and confirming goods of the required quality

  • Negotiating prices on behalf of clients

  • Issuing Letters of Credit and Guarantees

  • Providing access to Renminbi currency to reduce multiple currency conversions

Said Stanbic Bank Head of Personal and Business Banking, Mr. Chiko Manokore, “As Stanbic Bank Botswana, our clients remain at the centre of everything we do as we strive to seamlessly deliver holistic, relevant financial services offerings through relevant and value-adding channels. We are a partner for growth and we are working to support our clients in keeping their supply chains strong during this time of increased uncertainty brought on by the COVID-19 pandemic. This initiative provides the foundation of long-term, mutually beneficial and sustainable trade relationships, equipping local importers with the tools to navigate both the simple and complex aspects of doing business in China. This is a difficult period for everyone, and we believe businesses across Botswana need as much support as possible to ensure continued sustainability in operations. We want to help where we can and this is one demonstration of that.”

The offering - underpinned by a letter of credit – seeks to deepen trust in Africa-China trade relationships. It further works to guarantee local importers access to the best suppliers in China, the best payment terms and the best quality. Stanbic Bank acknowledges the role both Botswana and China play in expanding each other’s economic capacity and unlocking their potential to prosper through international trade and is committed to driving Botswana’s growth. This strategic trade partnership aims to unlock the potential of this key sector to benefit the economy in the long-term.

ENDS.

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