Standard Bank Namibia is set to assist local businesses import products from China by providing financial services and directly linking them to credible and vetted suppliers.
“The bank will be providing funding or facilitating the flow of funds for qualifying businesses intending to import goods from China using their services, which will reduce the risks associated with imports where goods are sometimes of poor quality, get lost or broken. These will be covered through an insurance policy,” said Emilia Uupindi, Standard Bank Namibia Trade Manager for Business and Commercial Services.
“Unfortunately, those not meeting the bank’s requirements can be referred to other financing partners associated with Standard Bank,” Uupindi said.
She said the bank will provide convenient services to entrepreneurs or businesses intending to import and export goods to and from China by serving as the intermediary between the businesses and suppliers.
“These are vetted Chinese suppliers who work hand-in-hand with Standard Bank under the Africa-China Trade Solutions (ACTS), whose purpose is solely to assist with cross-border trade requirements, from sourcing-financing-delivery of products,” Uupindi said during a virtual meeting with various stakeholders on the operations and functions of the Africa-China Trade since its inception in 2022.
She said besides importing, the bank also suggests to clients to source certain products locally based on costs and convenience to help optimise their production lines.
“Importation of products comes with many challenges, among them, the language barrier, financing, quality of goods, and the transportation thereof. Therefore, with the Africa-China trade, we help clients navigate through these risky processes,” said Uupindi.
The Bank says its relationship with the Industrial and Commercial Bank of China (ICBC) gives Standard Bank an upper hand in taking advantage of the African-China Trade through the provision of seamless processes.
“The vetted and trusted Chinese Import Partner will be responsible to negotiate the best prices, trading terms, and quality standards on the client’s behalf, arrange travel logistics and set up introductions for possible meetups with various suppliers in China. The agreement makes provision for translation services to facilitate trade negotiations and discussions, including the validation of the quality of the goods purchased,” said Mansueta Dlakavu, the China-Africa Relationship Manager, and Business Banking at Standard Bank Namibia.
“We guarantee the quality of goods from the suppliers recommended to ensure they meet the required quality standards, and any failures will be rectified on your behalf by our Import Partner. The Bank further handles all the shipping logistics and insurance of goods in transit. And in the end, our trade financing and facilitation of payments and collections help mitigate the risk of cross-border payments.”
“We often engage with clients seeking to understand the type of goods or products they intend to import, business needs, and their payment plan. Such information guides how we can assist and which suppliers to approach. In addition, we assist in terms of payment on behalf of the client, by making deposits leading up to a final payment when goods are received, thereby covering the client from risk.”
