Justus Lyatuu and Julius Omondi
2 July 2009
Kampala — Traders doing business across borders will no longer have to carry huge sums of money to facilitate their businesses.
Standard Chartered Bank has launched a trade campaign with an aim of supporting Small and Medium Enterprises by initiating the Trade Account and International Gateway Account, which will enable easy access to foreign exchange services and reduce the burden of carrying bulk of cash.
Speaking during the launch of the accounts at the bank headquarters in Kampala on Tuesday, Mr Herman Kasekende, the head consumer banking, said this came after it was realised that 60 per cent of businesses in Uganda are import/export based and so there was a need to give them a hand when doing business. The bank currently has a lending exposure to SMEs worth $32 million (about Shs64 billion) and it is projected to grow.
The opening of these accounts can be done in Uganda and thereafter the customer is introduced to a relationship manager in Dubai. The gate way account can however be opened in Dubai for a customer here in Uganda to avoid the risks associated with travelling with cash.
Ms Helen Nangozi, the bank's general manager marketing said; "All customers who open the International Trade Account or gateway account or refer another customer to open the same; will win free telegraphic transfers for the month of July".
"They will also be entered into a draw to win business tickets to Dubai or China," she added.
Mr Kasekende also noted that SME banking has become one of the bank's huge profit maker. The bank has been providing working capital to SMEs, offered commercial mortgages and SME business credit.
Mr Harton Maliki, the general manager SME banking, said one needs to have a deposit of Shs1 million and be an importer or exporter to own this account. Standard Chartered Bank is a member of the Standard Charted Group.
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