GABORONE, Botswana:June 19 (Xinhua) — Standard Chartered has launched a new online banking foreign exchange service for three markets in Africa — Botswana, Zambia and Uganda.
The new product gives the bank’s online banking clients’ access to 130 international trade currencies within the bank’s secure online banking platform, Straight2Bank, ultimately making currency payments for Africa-Asia and intra-Africa trade relationships faster and executed in a currency of choice.
“Our corporate clients in Botswana, Zambia, Uganda as well as a number of other international markets in our footprint, will have immediate access to these product innovations, without incurring setup costs or installation delays — all via our secure online banking portal,” Kwame Asante, Standard Chartered’s Head of Transaction Banking for Botswana told media on Tuesday .
“It makes sense for us to bring the benefits of electronic enhancements directly to our clients, reaffirming our promise to be Here for Good, and Here for Progress.
We look forward to extending this capability to our other African markets,” Asante said. According to the bank, the product innovation saves clients’ unnecessary costs in currency conversions, and avoids the inherent risks associated with fluctuating currency rates — a challenge most African traders face when dealing with trade partners outside of their economies.
The bank has been motivated to launch the product by ongoing trade developments, such as Botswana’s trade with the European Union, more than tripling from 2010 to 2011, and trade with China increasing five-fold between 2007 and 2011. (Xinhua)
