Standard Bank’s ACAP opens China to African businesses
Standard Bank has launched an Africa China Agent Proposition (ACAP) which aims to assist African importers source and validate quality goods, safely and efficiently from the most competitive suppliers in china.
Read full articleThe ACAP offering is expected to revolutionise African importer’s view of China’s supplier worldwide. It will also ease the case flow of African importers by providing access to financing while empowering importers with sight and control of the entire importing and logistics process.
Currently African importers order from only a handful of trusted Chinese suppliers. This limits the negotiating power of African importers while stacking the terms of trade against them. While ordering online provides access to a wide range of suppliers, online importers cannot guarantee the quality of goods. In most cases, an advance payment for goods is also required. This is often demanded in cash without reciprocal guarantee of delivery or quality.
It is in this response that China has presented as a trading partner, Standard Bank; the biggest bank in Africa and through a partnership with the Industrial and Commercial Bank of China (ICBC) to connect African importers with a dedicated trade agent in china.
Speaking on the development, Head of Africa-China Integration for Standard Bank, Dr. Mannessah Alagbaoso said the offering will place African importers in a much stronger negotiating position when it comes to the price, quality and efficiency of importing Chinese goods.
“The ACAP offering will deepen trust in Africa-china trade relationships, guaranteeing African importers access to the best suppliers in China, the best payment terms and the best quality. Chinese suppliers can also be confident that once the terms of the letter of credit have been met, payment will be made in full and on time; guaranteed by Standard Bank and ICBC. ”
Dr. Alagbaoso further added that, he was confident the ACAP offering will ease the cash flow of African importers.
“Since Chinese suppliers will be secure in the possession of an ICBC- underwritten letter of credit, African importers will be able to receive good before payment is made. “
This according to him will allow African importers to keep cash in their businesses for growth.
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