Honourable Minister Vincent T Seretse responds to questions at Stanbic Bank Transregional Business Launch
Stanbic Bank Botswana has ramped up efforts to close the financing gap for businesses with cross border capabilities. This was made clear at the recently held launch of the Stanbic Bank Botswana Transregional Banking offering, as the bank leverages the Standard Bank Group African footprint and expertise to drive business without limits.
Capitalising on its Transregional Banking capabilities, Stanbic Bank is poised to offer finance to growing businesses across borders on the African continent. At the same time, the Bank is in a position to facilitate trade and transactional capabilities throughout the entire business value chain, therefore meeting the evolving needs of business and corporate clients.
The bank’s head of Commercial Banking, Chiko Manokore said they pride themselves in being an international bank with local knowledge and appreciation of the markets in which our clients operate.
“Standard Bank Group, Africa’s largest bank by assets operating in 20 African markets, has a tremendous deal of experience and insight across the African continent,” Manokore said.
“We are therefore well positioned to leverage synergies across these markets and enhance our expertise to cater for the growing entrepreneurial spirit in Botswana as our local businesses grow across borders”.
Stanbic Bank Botswana’s Transregional Capabilities can facilitate growth of local businesses through the ability to do seamless business across Africa and Internationally – Import / Export facilitation (Trade); Connecting businesses to larger markets and opportunities and Consistent customer banking experience across borders through our extensive sectoral relationship model.
Equally, the product facilitate growth of local businesses through ease in establishing banking relationships across Africa, opening of accounts through our banking network while in Botswana; Enhanced transactional capabilities including multinational account view (Business online) which allows one the ability to view and transact in all their accounts across the continent on a single online banking platform and Full range of onshore services in 20 countries, currency settlement in an additional 22 countries and ability to provide forex pricing in 40 of the 54 countries on the continent.
The new product can also facilitate growth by using local financial strength to drive business expansion into Africa and offering expert teams with specialised knowledge in international markets.
There has been a real boom in the number of local businesses seeking to grow beyond the borders of Botswana, demonstrating the clear need for simpler financial solutions. The growth of mid-size private sector players – including suppliers, producers, transport and logistics – in key industries needs to be fully supported. Stanbic Bank for this reason saw the need to develop a solid proposition to support growth of businesses in Botswana and abroad.
“Our aim is to support Government initiatives of driving sustainable growth and economic diversification. This is through supporting international businesses investing in Botswana as well as local business looking to expand internationally,” added Manokore. Stanbic Bank Botswana’s value chain approach, he notes, allows the Bank to respond to economy driving segments in markets and provide services to all levels of business clients.
“Businesses that are a part of this value chain have traditionally struggled with financial institutions being unable to provide solutions to facilitate their expansion, acquisition of market share and creating a competitive advantage. Corporate and Business banking services through Stanbic Bank can help transform Africa’s economy by making a massive contribution to the continent’s growth story, through partnering and supporting the private sector. There is a growing need for Business Banking services to help tackle traditional barriers to expansion and help Africa become more competitive globally by challenging existing infrastructure gaps and unlocking quality growth for the continent. We are firm believers in the need for business without limits, and we continue to dedicate our efforts towards making this a continued reality for our Corporate and Business Banking customers who contribute to Africa’s growth story”.
