Stanbic Bank Kenya rolls out financial products to boost China-Africa trade

NAIROBI, May 10 (Xinhua) -- Stanbic Bank Kenya said on Friday that it is rolling out financial products that will help boost China-Africa trade.

Paul Mungai, head of trade and Africa China banking, told Xinhua in Nairobi, the capital of Kenya, that its supply chain finance solutions include letters of credit designed to reduce the cost of international trade transactions in the Sino-Africa trade.

"We also provide foreign currency solutions that provide real-time settlement of transactions between African businesses and Chinese firms," Mungai said on the sidelines of the three-day China-Africa Economic and Trade Expo (CAETE) in Africa (Kenya) 2024 which kicked off Thursday and attracted a high-level delegation from central China's Hunan Province.

Stanbic Bank Kenya is part of the Standard Bank Group, whose single largest shareholder is the Industrial and Commercial Bank of China (ICBC).

Mungai added that Stanbic Bank Kenya also links Africans seeking to conduct business with Chinese firms through e-commerce platforms.

He noted that the bank is keen to help Kenyan products such as coffee, tea and macadamia enter the Chinese market as a means to boost Sino-Africa trade.