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How Kenya’s Sidian Bank is leveraging tech to enhance trade finance
The physical process of securing bid bonds is one the big obstacles to trade finance in Kenya and the region at large. In a bid to address that and boost trade finance, Sidian Bank has developed an online platform that provides verifiable bid bonds to SMEs. Beatrice Kamiri, Head of Corporate Banking and Trade Finance at Sidian Bank joins CNBC Africa for more.
Thu, 12 Nov 2020 10:09:28 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Sidian Bank develops an online platform for generating bid bonds, revolutionizing trade finance in Kenya
- The platform provides convenience and flexibility for customers, driving digital literacy and efficiency in trade transactions
- Sidian Bank's investment in technology demonstrates commitment to enhancing customer experience and supporting business growth
Sidian Bank in Kenya has taken a major step in revolutionizing trade finance by developing an online platform that provides verifiable bid bonds to SMEs. The physical process of securing bid bonds has been a significant obstacle to trade finance in Kenya and the region at large. Beatrice Kamiri, the Head of Corporate Banking and Trade Finance at Sidian Bank, sheds light on the bank's innovative approach to address this challenge. The online platform is designed to offer convenience and flexibility to customers, allowing them to generate bid bonds from anywhere, at any time, and on any device. This self-managed platform eliminates the need for customers to physically visit the bank, saving time and enhancing efficiency in trade transactions. By leveraging technology, Sidian Bank is not only simplifying the process of securing bid bonds but also driving digital literacy among its customers. Kamiri highlights that the platform is user-friendly and that the bank has provided training to ensure that customers can easily navigate and utilize the platform. In instances where assistance is needed, dedicated staff are available 24/7 to provide support. The bank has made a significant investment in developing this platform, emphasizing its commitment to enhancing customer experience and fostering partnerships. The goal is to empower customers to grow their businesses and ultimately contribute to the growth of the bank. Amid the challenges posed by the COVID-19 pandemic, technology has played a crucial role in ensuring business continuity. Sidian Bank's online platform is a testament to the bank's forward-thinking approach in embracing technology to meet evolving customer needs. The bank's focus on innovation and continuous improvement underscores its dedication to offering solutions that address emerging challenges in the trade finance sector. As trade finance remains a key obstacle to exporters in the region, Sidian Bank is at the forefront of providing policy recommendations to enhance trade trends within the EAC. Kamiri emphasizes the bank's role in supporting importers by providing alternative banking solutions tailored to their needs. Through trade finance instruments like letters of credit, Sidian Bank offers a reliable means of facilitating international trade transactions and ensuring seamless payment processes. The bank's proactive approach to addressing customer needs and promoting trade finance underscores its commitment to driving economic growth and fostering financial inclusion in Kenya.
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