In a bid to boost export earnings, Stanbic bank has assured the business community of the availability of pre-export finance to facilitate smooth trade flow.
Stanbic bank Head of Trade Finance Mr Charles Kapufi said in Dar es Salaam that lack of cost efficient trade finance has been a hindrance for exploiting economic and employment potentials in the country.
He said Stanbic Bank has created a business trade finance programme that facilitates domestic and international trade by providing short term working capital, expediting cross-border payments and guaranteeing payment for goods shipment.
“Stanbic bank is a committed banking partner with knowledge in all aspects of trade-related financing and risk management to offer you ideal payment solutions,” he said adding that the move will call to an end the biggest challenge facing export companies to wait for a long time for payment by their foreign customers.
He said pre-export finance facility is designed to provide financing to suppliers or exporters in advance necessary to produce manufactured goods, commodities and agricultural products for export thus cutting across the whole chain value of production.
Also he said the bank provides short term working capital to distributors and service providers of various goods and services to reach the final consumers smoothly.
It gives an opportunity for distributors to expand the distribution horizon. He said with trade finance, a great number of jobs could be created if small and medium enterprises (SMEs) in the country could do cross border transactions that would have been supported by the unmet gap in demand for trade finance.
Originally published on DailyNews Tanzania