Standard Chartered Bank has introduced cross border banking aimed at providing seamless banking services to its SME customers across East Africa.
With this new service, customers can transact freely within East Africa as if they were in their home country and at no extra cost. A customer will be able to access their funds throughout the region in either their home currency or in a currency of choice.
Speaking at the launch, the Bank’s Head of Consumer Banking – East Africa, Bhartesh Shah recognised the huge gains made in intra-regional trade within the East African Community. He said that this development had necessitated a convenient and safe way for customers to make and receive payments within the region.
“East Africa is the highest trading block in Africa. The region grew 4 times of its gross domestic product from USD 20billion to USD 80billion in the first decade. Standard Chartered has leveraged on its regional presence to provide financial solutions to our customers and clients to enable them exploit the opportunities provided by this trading bloc,” said Shah.
Shah added that with an extensive network of 50 branches across East Africa, Standard Chartered Bank is well positioned to cater for the changing needs of the SME customer.
What the customer can expect:
- One Relationship Manager – Single Point of contact for the East African customer.
- Single tariff across the 3 markets
- Access to financial transactions in the 3 markets
- Easy access to credit facilities across the 3 markets
- Financial reconciliations and business management with Straight2Bank: Standard Chartered’s online banking platform
- Cross border arrangements in Dubai – Deira branch
- E.A. Trade Forums business networking opportunities