Stanbic Bank Ghana is a bank licensed by the Bank of Ghana and the Securities and Exchange Commission (SEC) to operate as a financial service provider. Stanbic is a member of Standard Bank Group and operates in twenty (20) countries in Africa and twelve (12) countries in other parts of the world. The Bank has a close interest in Personal and Business Banking, Corporate and Investment Banking and Wealth Creation.
In the pursuit of spurring growth in Africa, the Bank has identified the agricultural sector as very important thus it has opened its doors for people and investors to venture into agribusiness. The Bank has made it possible for all clients who have a feasible project in agriculture to benefit from its financial support to the agricultural sector.
Having understood the initiative proposed by TIAST to partner with Stanbic Bank, Stanbic accepted the partnership since the initiative will go a long way to add value to the agricultural sector and spur growth and development in the nation.
MOU Between TIAST Group and Stanbic Bank
TIAST in collaboration with Stanbic Bank signed a Memorandum of Understanding (MOU) to provide financial services to farmers, entrepreneurs, clients, companies and individuals who want to undertake the cassava starch processing project. The Bank provides a financial leasing of 70% – 80% per cent of the total cost of the project, while the client provides 20% -30% as equity.
Stanbic Bank under the MOU signed provides the following services
- Assess individual buyers of the cassava processing equipment from the company against the standard credit criteria of the Bank.
- Providing financing to qualifying buyers of cassava processing from the company
- Give advisory services on the credit assessment of each buyer, with the consent of the buyer
- Disburse funds to the company on behalf of potential buyers and clients after the potential client has met all the requirements precedent to disbursement under the agreement with the Bank.
Stanbic and TIAST have embarked on this collaboration to foster the ease in accessing financial support to venture into the project.