STANBIC Bank Zimbabwe is committed to supporting the tourism sector by offering a variety of products that contribute to its growth, the financial institution has said.
The leading financial services institution offers a range of loan facilities that can be accessed by players in the tourism sector, in addition to playing a strategic role in helping tourism businesses manage currency and investment matters, among many other products.
Stanbic Bank executive director, corporate and investment banking, Betty Murambadoro, said the Standard Bank Group subsidiary was committed to delivering solutions that were responsive to industry and sector-specific needs, with a deep understanding of sector cycles guiding its structuring approach.
“We value open dialogue and collaboration, enabling us to tailor-make financial structures and solutions that truly align with our customers’ evolving requirements.
“Our approach is not just transactional, it’s adaptive,” said Murambadoro.
Citing Stanbic’s intervention during the Covid-19 pandemic, Murambadoro said Stanbic Bank recognised the unique challenges faced by the tourism sector and responded with accommodative and flexible solutions that supported recovery and resilience.
She said the range of loan facilities that can be accessed by the tourism sector, including asset financing for vehicles and equipment; working capital loans to support operational needs during peak and off-peak seasons, including standby facilities; and infrastructure development loans for expansion projects.
Stanbic Bank has participated in a number of hotel upgrades, fresh upstarts and syndicated loan arrangements.
Murambadoro said Stanbic Bank plays a strategic role in helping tourism businesses manage currency and investment matters through multi-currency accounts that allow businesses to transact in United States dollars, Euro (EUR), South African Rand (ZAR), and other major currencies.
She said the institution also offered foreign exchange advisory services to help manage volatility and optimise conversion timing, as well as Cross-border trade financing.
“These services are designed to help tourism operators remain competitive and resilient in a globalised market. We are very mindful that some of our clients are venturing into countries across the region where Stanbic Bank has representation and we get involved at the early stages of Exchange Control,” she said.
“We encourage Tourism Operators to take advantage of our footprint across Africa and call on us to assist them to enter those markets. In terms of Foreign Exchange challenges, we have a fully-fledged Treasury function in the bank that supports currency switches across different international currencies. A case in point includes the introduction of trading in Renminbi (RMB) settlements a few years ago,” said Murambadoro.
Stanbic Bank vice president, telecoms and tourism, Vongai Mhazo said players in the tourism sector can also benefit from the recently secured €20 million credit line from the European Investment Bank.
Mhazo said while the facility was broadly targeted at SMEs and women-led businesses, it can also be accessed by tourism-related enterprises, adding that the facility provides access to affordable credit with extended tenors.
“While the allocation is not sector-specific, the facility can be accessed by tourism-related enterprises, especially those owned or led by women as well as SMEs, with special consideration for those businesses which employ a significant number of women or offer services specifically to women,” said Mhazo.
She said Stanbic Bank’s commitment to tourism is epitomised by the institution’s involvement in key events in the sector.