Stanbic Bank Open for Export Business
Stanbic Bank Zimbabwe has further innovated their offering to support exporters in growing their businesses and earning foreign currency for the country. The financial institution has taken a stance to support and enable exporters to meet their immediate working capital requirements such as wages, purchase of inputs and raw materials to prepare for the next shipments pending receipt of export proceeds.
In an interview held in the capital, the Head of Personal and Business Banking, Patson Mahatchi, explained the reasons behind their flexible innovative solutions. “We are a bank that is established in Zimbabwe for the long run and we see our organization as a business partner to the local business entities. Our efforts in supporting export businesses are meant to assist the Zimbabwean economy as well as to complement the efforts of the Reserve Bank of Zimbabwe”, said Patson.
Zimbabwe has been going through a phase of trade deficit since the dollarization era and major strategies have to be put in place to increase exports over imports.
Patson indicated that “Unlocking working capital for exporters is one of our strategies to promote exports as long as there is a guarantee that the proceeds will be sent to Zimbabwe and we monitor these funds to ensure flow of foreign proceeds.”
Stanbic Bank is advancing over 60% working capital to exporters who have been proven as credit worthy on the back of confirmed export invoices for the purpose of supporting immediate working capital requirements pending receipt of proceeds. Players who are into exports such as horticulture, floriculture, citrus, macadamia nuts and oils, hides and skins, manufacturers and services among other sectors can access the facility.
“A few players in industries such as horticulture, hides and skin exporters closed shop as they struggled to acquire the required capital to fund their ventures, yet there is a great market out there. Exporters are free to come and engage us for potential support as we can do more for this niche sector”, explained Mahatchi.