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AfCFTA a priority as Stanbic Botswana rolls out new digital trade tech

Stanbic Bank Botswana has launched a digital platform called TradeClub to offer its clients access to global markets, as well as an Africa-China Trade Solution to leverage growing trade relations between the country and the continent. The company is mindful of the advent of the African Continental Free Trade Agreement (AfCFTA).

TradeClub was launched along with the Africa China Trade Solution (ACTS), which offers local entrepreneurs and SMMEs a seamless connection to Africa-China Trade, helping them connect to China-based suppliers and manufacturers to make the import process simpler.

Akofang Kebonye, Stanbic Bank Botswana Head of Trade and Africa China Banking: “We facilitate capital flow and cross-border trade between Africa and China with great proficiency, by virtue of ICBC’s financial and global reach and Standard Bank Group’s deep expertise and heritage in Africa.”

“With the advent of the African Continental Free Trade Agreement, intra-Africa Trade offers incredible opportunities for Small, Micro and Medium Enterprises (SMMEs) to access new markets and grow.”

Calistas Chijoro, Stanbic Head of Business and Commercial Client Segment said the online trade platform TradeClub gives clients access to pre-vetted, reputable, reliable and trusted sellers and buyers, both locally and internationally.

He said the platform includes a trade resources library for access to research on various products and markets, and links entrepreneurs with 17000 businesses, 45 banks, 200 000 pages of research on business and 45 countries.

Chijoro added: “ACTS provides Stanbic Bank Botswana’s clients who import goods and services from China exclusive access to an accredited import partner in China. This import partner assists local importers with access, assessments, and communication with suppliers and vendors, and manages the process of importing quality goods and services efficiently and safely from China.”

He said that the process, supported by Standard Bank Group and the Industrial and Commercial Bank of China (ICBC)’s letter of credit, affords African importers sufficient time to land and sell goods before effecting payment.

“At the same time Chinese suppliers can remain confident of payment underwritten by an ICBC letter of credit in China.”

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