Stanbic Bank Botswana and CEDA have officially signed a Memorandum of Understanding (MoU) in a monumental deal that will see both parties “lock hands to bridge the gap between development banking and finance banking”.
According to Stanbic Bank Botswana CEO Samuel Minta the partnership with CEDA , among other benefits, will greatly reduce Botswana`s import bill and give renewed hope to young Batswana who have ambitions of owning successful businesses. Stanbic Bank has an all process banking product for China-African cross border trade that enables the matching of buyers from Africa with suppliers or manufacturers in China.
The product is facilitated by the Africa China Agent Proposition (ACAP) which provides buyers from Africa with exclusive access to accredited trade agents in China. The partnership will enable CEDA clients to source their inputs, raw materials and machinery from China with reduced risks and challenges such as language barriers, price negotiations, non delivery of goods and supplies of sub standard goods.