STANBIC Bank Zimbabwe has facilitated US$400 000 worth of imported products for its clients through its African China Import Solution (ACTS) facility.
The giant financial services institution launched the ACTS facility for its clients towards the end of 2021 and to date US$400 000 in orders have been made while several others are under discussion.
The first batch of orders are expected to be received towards the end of this month.
The bank’s head of trade and Africa-China banking, Mr Tapuwa Nyika said the facility has helped importers save between 20 percent to 40 percent when compared to their traditional suppliers both within Zimbabwe and internationally.
“These cost savings have made Stanbic clients more competitive in the respective industries that they operate in,” he said.
“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.”
Mr Nyika said the Standard Bank Group 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,” said Mr Nyika.
“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 quality products from China.
The clients are, however, charged between 3-5 percent commission by the agent in China depending on the product and value of the products.
Mr Nyika said Stanbic Bank’s thrust in 2022 is to partner 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.
“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,” said Mr Nyika.
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.
The solution epitomises how Stanbic Bank succeeds in executing its vision to be the leading service organisation in, for and across Africa, delivering exceptional client experiences and superior value.