Stanbic Bank unveils online Trade Club

Stanbic Bank Uganda has unveiled the Trade Club, a new solution that allows business people to grow their enterprises by getting access to contacts, market information and a platform to network with counterparts across the world.

Jonathan Wamara, the Head Universal Trade at Stanbic Bank said: “We are pleased to introduce Trade Club. It’s a new solution designed for Ugandan businesses to connect with other businesses locally, regionally and internationally with a view of easing both import and export trade. This is a free digital networking platform enabling us to positively contribute to the growth of our business clients, because when they grow and prosper-- so do we. By growing our customers’ businesses we can deliver towards our purpose of driving Uganda’s growth.”

The platform offers trade expertise for importers and exporters across 190 countries along with over 200 pages of trade information for both importing and exporting, customs information, market analysis and other relevant reports. Trade Club has a match-making algorithm that automatically suggests new counterparts that Ugandans can do business with.

“These suggestions are based on your business interests. The platform introduces you to new contacts (suppliers/customers) that you require to grow your business. Our customers are looking for solutions to simplify their lives and make it easier to do business. Particularly now, amidst the devastating impact of the Covid-19 pandemic, we must relentlessly innovate with solutions to kick-start recovery and survival in a tough business climate,” Wamara said.

To join the club, Stanbic requires applicants to have an active business account with the bank, must be Know-Your-Client (KYC) complaint, must be creditworthy and must have a confirmation from their relationship manager to the effect that the client has the capability to trade internationally.

Stanbic already offers some of the best trade financing solutions in Uganda, but the Trade Club will now allow members exclusive access to traders across the world.

The new product underlines Stanbic Bank as an innovator and market leader in the provision of trade financial solutions. However the basic aim is to find markets and grow Trade Club members’ businesses.

Wamara said in terms of support, when a client joins the Trade Club, a community manager is assigned to them to assist with any needs the client may have regarding the club, especially with suggestions and tailored reports among others.