Kampala, Uganda — Stanbic Bank Uganda has launched an end-to-end digitalized trading platform dubbed "Quantum Trade" to enable its customers access import letters of credit and domestic guarantees quickly within few hours, it said on April 06.
The online platform will facilitate trade and allow customers receive products in a quick and timely manner.
With the ongoing Covid-19 pandemic, face-to-face interactions have been reduced and international travel restricted... trade must however go on, and hence the need for digital solutions such as Quantum Trade, according to the bank's executives.
Tunde Thorpe, the head of transactional products and service at Stanbic Bank, said compared to the traditional manual processes, with Quantum Trade, everything from application to issuance is fully digitalized. This is enhancing speed and transparency in the process.
He said: "The trade platform can be accessed by any client who wishes to apply for a letter of credit or guarantee from the bank. We have designed the platform to cater for two pathways taking account of differences in frequency of usage by clients."