BUSINESS REPORTER
Stanbic Bank has facilitated US$400 000 worth of imported products for its clients through its African China Import Solution facility.
The leading financial services institution launched the Africa-China Trade Solutions (ACTS) facility for its clients towards the end of 2021 and to date US$ 400 000 orders have been made while several others are under discussion. The first batch of orders will be received by month end.
Stanbic Bank Head Trade and Africa China Banking, Tapuwa Nyika said the facility has helped importers save between 20% to 40% when compared to their traditional suppliers within Zimbabwe and internationally.
“These cost savings have made Stanbic clients more competitive in the respective industries that they compete in. Through the solution we have facilitated importation of machinery, raw materials, and packaging materials. These goods are for the construction, medical, mining and manufacturing sectors,” said Nyika.
The Standard Bank Group 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.
“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 offers customers assistance with cross-border trade requirements from start to finish,” he said.
The service is being offered free of charge by Stanbic Bank Zimbabwe as the institution seeks to support its clients to access 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.
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.
Nyika said Stanbic Bank’s partnership with the world’s largest bank, Industrial and Commercial Bank of China (ICBC), gives an unrivalled competitive advantage when it comes to Africa-China trade.
With ICBC’s financial and global reach and Stanbic Bank’s deep expertise and heritage in Africa, Stanbic Bank can link importers to growth-opportunities in the African and Chinese economies.
ICBC is the biggest bank in the world by assets and also a shareholder of Standard Bank Group, the parent company for Stanbic Zimbabwe.
The facility is being undertaken in partnership with Chinese trade agent, Zhejiang International Trading Supply Chain Co. Ltd which has over 10 000 validated Chinese suppliers, a position which allows Zimbabwean importers access to a one-stop foreign trade supply chain and cross border e-commerce supply chain service.
