Dubai-based DP World has teamed up with the largest bank in Africa by assets to offer new trade finance solutions, Emirates News Agency reported on Monday.
African businesses seeking trade finance will now be able to receive working capital from Standard Bank through the DP World Trade Finance platform.
The partnership aims to assist closing the gap in unmet demand for working capital in Africa.
DP World Trade Finance connects businesses with financial institutions while also providing trade finance facilities. Customers can apply for credit on the company’s digital platform, and it will offer them with the best options from international financiers that would otherwise be out of their reach.
“DP World exists to make the world’s trade flow better and this partnership with Standard Bank is testament to that goal,” DP World’s Sultan Ahmed bin Sulayem said.
“Africa is a key market for us, with this partnership complementing our ongoing investment and development across the continent.
“Our recent acquisition of Imperial Logistics allowed us to enhance our logistics capabilities in Africa.
“With the addition of DP World Trade Finance into our offerings, we aim to support African businesses of all sizes for their working capital needs.
“Together with Standard Bank, we will help African businesses go from strength to strength and grow their exports to new markets.”
DP World Financial Services Senior Executive Officer Sinan Ozcan added: “Standard Bank joining the DP World Trade Finance platform is great news for businesses across Africa.
“DP World offers Standard Bank access to data on cargo movements, enabling them to lend with confidence.
“We in turn plan to co-lend and share risk with Standard Bank on deals made via the platform, whilst Standard Bank will be able to support the many suppliers in DP World’s ecosystem across Africa with its strong financing capabilities.
“This ecosystem has itself been strengthened by the acquisition of Imperial Logistics by DP World in 2022.
“Standard Bank’s strong presence across countries like Nigeria, Kenya and Mozambique will see this partnership develop further in the African market.”
Since its launch in July 2021, DP World Trade Finance has partnered with 23 financial institutions and generated more than $700 million in credit limit submissions. The company began directly lending to businesses last year.
Kenny Fihla, Chief Executive Officer, Corporate and Investment Banking at Standard Bank said: “Partnering with DP World allows us to enhance how we facilitate cross-border transactions in growing key trade corridors.”