Stanbic Bank Zimbabwe has innovated its offering to support exporters by meeting their immediate working capital requirements as it moves to support exports growth.

The working capital requirements include wages, purchase of inputs and raw materials to prepare for the next shipments pending receipt of export proceeds.

Stanbic head of personal and business banking, Patson Mahatchi said the move was meant to grow exports for the economy.

“We are a bank that is established in Zimbabwe for the long run and we see our organisation as a business partner to the local business entities. Our efforts in supporting export businesses are meant to assist the Zimbabwean economy as well as to complement the efforts of the Reserve Bank of Zimbabwe”, Mahatchi said.

He said unlocking working capital for exporters was one of the bank’s strategies to promote exports as long as there is a “guarantee that the proceeds will be sent to Zimbabwe and we monitor these funds to ensureflow of foreign proceeds.”

Under the facility, Stanbic will advance over 60% working capital to exporters who have been proven as credit worthy on the back of confirmed export invoices for the purpose of supporting immediate working capital requirements pending receipt of proceeds. Players who are into exports such as horticulture, floriculture, citrus, macadamia nuts and oils, hides and skins, manufacturers and services among other sectors can access the facility.

“A few players in industries such as horticulture, hides and skin exporters closed shop as they struggled to acquire the required capital to fund their ventures, yet there is a great market out there. Exporters are free to come and engage us for potential support as we can do more for this niche sector”, Mahatchi said.

Zimbabwe is intensifying efforts to grow exports and generate foreign currency amid a backlog in foreign payments.