ECOBANK TANZANIA KEEN ON REGIONAL TRADE FINANCE "Credit News 24"
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| Ecobank Tanzania Managing Director, Mwanahiba Mzee (right) speaks to customers and business people during the ‘Business at Breakfast Forum’ which was hosted by the bank recently. |
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| Ecobank Tanzania Managing Director, Mwanahiba Mzee speaks to customers during the ‘Business at Breakfast Forum’ which was hosted by the bank recently. |
- Hosts breakfast meeting for customers, business people
Dar es Salaam, Thursday 12 October 2017: Ecobank has called on its customers and business people in Tanzania and within the African continent to take advantage of its comprehensive trade solutions to its customers by using various payment methods to facilitate cross-border trade throughout its network across Africa and the rest of the world.
The call was made by the Ecobank Tanzania Managing Director, Mwanahiba Mzee during the ‘Business at Breakfast Forum’ which was hosted by the bank and brought together various customers and stakeholders.
She said that Ecobank offers unique intra-Africa trade solutions, enabling its customers to settle their international trade transactions efficiently and to mitigate payment risks and works closely with clients in reviewing key factors regarding Transaction Processing, Settlement, Financing, Risk Mitigation and Credit enhancement.
On trade finance she said, “Customers benefit from adequate, mitigated credit facilities all over the continent where we operate in over 33 countries.”
According to the MD, customers experience speedy turnaround times and error-free processes and that the following trade services areas are covered, Import LCs, Import Collections, Customs Bonds, Export LCs (advising and negotiating), Export Collections LC Confirmations, Guarantees, Bid, performance and bonds, Regional Trade Services in Africa, Regional collection and International Payment Services.
“Ecobank’s vision is to provide world class pan-African services to its customers while also enhancing the financial integration of Africa and we also provide solutions to facilitate trade in the various trade corridors and groupings across Africa, Ecobank’s Regional Trade solutions enable exporters to obtain a payment guarantee without the need for a Letter of Credit and its related costs to the importer,” said Ms. Mzee.
She said with Ecobank on both sides of the transaction, customers benefit from a seamless end to- end solution adding that their regional collection gives opportunity to traders to receive instant proceeds from the neighboring countries with enhanced visibility and reconciliation and for transfers below USD 10 000 customers use Rapid transfer service which allows funds to be transferred across Africa with instant receipt of funds.
“With presence in 33 countries in Africa – more than any other bank in the world – Ecobank’s affiliates can confirm and negotiate Letters Of Credit to beneficiaries in those countries, as well as manage related payments and trade confirmations from banks outside Africa,” he said
The MD told the forum that Ecobank also offers the following services, Import Finance Facilities – Finance during importation of goods and services, Export Finance Facilities – Finance during exportation of goods and services, Structured Trade Finance – Tailor made financing solutions and Invoice discounting – Ability to shorten your working cycle
The ‘Business at Breakfast’ initiative also aimed at providing a platform for client’s to showcase their potential in the businesses they are running and communicate their future requirements well in advance to all the concerned stakeholders of the Bank.
Speaking about the initiative, one of the bank’s customer……., said, “I am really thankful to Ecobank Management for the opportunity they have provided us because we have learnt a lot of things about trade finance and how we as businesspeople can manage our cash properly as we do cross border business.”
“This is a very innovative move by Ecobank Tanzania. Individual attention to customers like us is truly inspiring as it allows us to provide a ringside view of our business to all concerned stakeholders of the Bank. This has always adopted a solution-oriented approach when it comes to addressing our needs and we are very happy with their services.” added another customer.
About Ecobank
Incorporated in Lomé, Togo, Ecobank Transnational Incorporated (‘ETI’) is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 36 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe.
The Group employs over 20,000 people in 40 different countries in over 1,200 branches and offices. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals. Ecobank Tanzania, which is 100% owned by Ecobank Group, has 7 branches spread across the country. More information can be found at: www.ecobank.com.
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