The initiative is expected to ease the cash flow of African importers by providing access to financing while empowering them to have control of the entire importing and logistics process.
Dr. Manessah Alagbaoso, the Head of Africa China Integration, Standard Bank, launching the program, said the Bank had partnered with the Industrial and Commercial Bank of China to connect African importers with a dedicated trade agent in China.
“The partnership will address challenges faced by importers, including language and cultural barriers and advance payments for goods,” he added.
Dr. Alagbaoso stated that ACAP would deepen trust in Africa-China trade relationships, guarantee African importers access to the best suppliers in China as well as best payment terms and quality.
He said through the Bank’s expertise with regulations within the various African growth sectors, it was well-positioned to link importers to growth opportunities offered by the African and Chinese economies.
He announced that Zhejiang International Trading Supply Chain (Guomao) was nominated as the Chinese trade agent to partner with Standard Bank to assist African importers to engage in trade activities with China.
“Guomao has almost 10,000 suppliers that meet the import needs of clients and will assist African importers to source the right suppliers, negotiate the best prices and trade conditions and arrange for importers to travel to China”.
Mr Farihan Alhassan, the Head of Business Banking, Stanbic Bank Ghana, said the partnership would bring Ghanaians and China closer as an opportunity to unlock the untapped potential that connected the two countries.
He said ACAP would help equip African importers to navigate simple and complex aspects of doing business in China for economic development.
Madam Sandra Siane, the Manager in charge of Stanbic Trade Club, said as a result of the ACAP initiative, the Club was established to help exporters find new business opportunities and explore new markets.
She said the Trade Club had a well-structured and comprehensive resource library on trade and everything a business customer needed to know about trade, import and export flows, customs, shipping and market analysis.