Sylvia Juuko
5 July 2009
Kampala — STANDARD Chartered Bank has lowered transaction costs on its trade financing services for small-and-medium enterprise (SMEs) customers in a bid to facilitate international trade.
Herman Kasekende, the head of consumer banking, said under the initiative dubbed "SME Trade Campaign," importers and exporters will enjoy cost cuts and benefits on international trade accounts, gateway accounts and over the counter foreign exchange services.
With an international trade account, he said, customers will benefit from free telegraphic transfers to any StanChart bank, flat rates on telegraphic transfers to other banks, preferential pricing on foreign exchange, letters of credit, guarantees and bid bonds.
Kasekende said a gateway account can be opened in Dubai for a customer in Uganda to minimise risks associated with travelling with cash.
The offer comes at a time when trade financing, which supports the bulk of world trade, is drying up due the global economic downturn.
Kasekende said most of the facilities that used to be given to importers like the 30-day credit had diminished.
Be the first to Write a Comment!
Copyright © 2009 New Vision. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
