Stanbic Bank Botswana, a subsidiary of Standard Bank Group recently launched its strategic Africa-China Trade Solutions (ACTS) to facilitate trade.
According to Stanbic Bank Botswana’s Head of Business and Commercial Segment, Calistas Chijoro, ACTS was designed to engineer greater access and progress for those in the trading system, especially when it comes to trade between Africa and China.
“The ACTS offers local entrepreneurs and SMMEs (small, micro and medium enterprises) a seamless connection to Africa-China trade, helping them connect to China-based suppliers and manufacturers to make the import process simpler,” said Chijoro.
He added that ACTS helps Stanbic Bank Botswana’s clients to get access to trading partners in China and makes both sides confident in operation and payment by guaranteeing their businesses with a letter of credit from Standard Bank Group and the Industrial and Commercial Bank of China (ICBC).
Speaking at the ceremony, Botswana’s Assistant Minister of Agriculture Molebatsi Molebatsi called on local entrepreneurs to unlock the possibilities offered by ACTS.
Standard Bank Group, headquartered in South Africa, is Africa’s largest bank. The ICBC purchased 20 percent of the shares of Standard Bank Group in 2008, hence becoming its single largest shareholder.
