10 Sep 2015

Stanbic Bank has introduced two trade finance products. Speaking during the products launch in Gaborone recently, head of trade finance, Ms Desma Ncaage said through guidance of trade and industry ministry, they were informed of small and medium business that were struggling to strive.

To complement the ministry’s initiative of economic diversification drive, Stanbic had to intervene to improve the situation by introducing Invoice Discounting and Purchase Order financing.

Ms Ncaage said one would be able to borrow money from the bank against future payments due to specific invoices. She said these products were designed to unlock liquidity tied in one’s business accounts receivable. Ms Ncaage said both platforms involved providing finance to Stanbic Bank existing and new customers who supplied products and services to their target customers.

She noted that some of the benefits of these products include increasing a business’ cash flow. She added that there is no tangible security required.

Stanbic bank strived to unlock economic potential for every entrepreneur despite their inability to provide tangible cover as this has been a challenge in most small to medium businesses, she said. Ends