Stanbic Bank has facilitated US$400 000 worth of imported products for its clients through its African China Import Solution facility.
The financial services institution launched the Africa-China Trade Solutions (ACTS) facility for its clients towards the end of 2021 and to date US$400 000 orders have been made while several others are under discussion.
The first batch of orders is expected to be received towards the end of this month.
Stanbic Bank Head Trade and Africa China Banking, Tapuwa Nyika said the facility has helped importers save between 20 % – 40 % when compared to their traditional suppliers both within Zimbabwe and internationally. Said Nyika:
These cost savings have made Stanbic clients more competitive in the respective industries that they compete in.
Through the solution, we have facilitated the importation of machinery, raw materials, and packaging materials.
These goods are for the construction, medical, mining and manufacturing sectors.
He said the Standard Bank Group of South Africa subsidiary launched the facility to build a trusted trading bridge and help individuals and businesses steer through the diversity of suppliers in China.
Through the facility, Stanbic Bank’s clients are guaranteed tailor-made solutions which meet their requirements and production flow and they are linked directly with Original Equipment manufacturers in China. Said Nyika:
As Stanbic Bank, we understand that importing from China has unique challenges and risks for Zimbabwean businesses and as such the China import solution is designed to support businesses at every stage of the import journey…Stanbic Bank’s Africa-China Trade Solutions (ACTS) offers customers assistance with cross-border trade requirements from start to finish.
This service is being offered free of charge by Stanbic Bank Zimbabwe as the institution seeks to support its clients’ access to quality products from China. The clients are, however, charged between 3-5% commission by the agent in China depending on the product and value of the products.
Nyika said Stanbic Bank’s thrust in 2022 is to partner with its clients for growth and the institution identified a need for its clients through the import solution and aims to make importing from China seamless. He said:
The service not only allows for seamless trade but also provides the best prices for quality products.
As a bank, we believe that this offering will be of immense value to the clients that we serve and allow them to compete effectively in their chosen areas of operation.
He said the Africa China Import Solution has succeeded in boosting import quality for Stanbic Bank importing clients through guaranteed quality assurance, testing and certification.