Stanbic Bank Botswana on Wednesday launched its Africa Agent Proposition (ACAP) which aims to assist Botswana’s importers source quality goods safely and efficiently from competitive suppliers in China.
Chiko Manokore, the financial institution’s head of personal and business banking, said the program has been jointly designed by Standard Bank Botswana and the Industrial and Commercial Bank of China (ICBC).
“Stanbic Bank Botswana will through this program connect clients with reputable Chinese importers by providing assistance to navigate the regulatory requirements as well as assisting to overcome language barriers through access to Mandarin-speaking agents,” said Manokore during a virtual launch.
Manokore said the financial institution will assist in sourcing and confirming goods of the required quality while at the same time negotiating prices on behalf of clients as well as providing access to Renminbi currency to reduce multiple currency conversions.
“The initiative provides access to a universe of Chinese suppliers and eases the cash flow of importers by providing expert financial support and empowering importers with insight and control of the entire importing and logistics process,” he said.
This is an initiative to assist clients to move up their value chain and will run during and after COVID-19 because “businesses across Botswana need as much support as possible to ensure continued sustainability in operations.” Enditem