Stanbic Bank Zimbabwe says it remains committed to helping the tourism sector grow through tailored loans, financial advisory services, and a range of products designed specifically for businesses in the industry.
The bank’s Executive Director for Corporate and Investment Banking, Betty Murambadoro, said Stanbic works closely with tourism operators to ensure its products address their real needs.
“Our approach is not just transactional, it’s adaptive,” she said, noting that the bank supported the sector with flexible solutions during the COVID-19 pandemic.
Tourism businesses can access various loan facilities from Stanbic, including financing for vehicles and equipment, working capital for both peak and off-peak seasons, and infrastructure loans for expansion. The bank has also helped fund hotel upgrades and new tourism developments through different financing arrangements.
Murambadoro added that Stanbic offers multi-currency accounts and foreign exchange advisory services to help operators manage funds in USD, EUR, ZAR, and other currencies. She said this support helps businesses remain competitive as they grow into regional markets, with the bank leveraging its Africa-wide network.
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The bank’s Treasury department also assists clients with currency conversions, including the use of the Renminbi (RMB) for international settlements.
Stanbic’s Vice President for Telecoms and Tourism, Vongai Mhazo, said tourism operators can also benefit from a €20 million credit line from the European Investment Bank. The facility primarily targets SMEs and women-led businesses, but qualifying tourism companies can also apply. She said the credit line offers affordable financing with longer repayment periods.
Stanbic has also been active in supporting tourism events. The bank was the platinum sponsor of the 3rd Annual AESATA Travel Agents’ Conference, which Mhazo said provided valuable insights into what drives the sector.
“Our participation is a demonstration that we understand the sector and want to grow with it,” she said.
Stanbic Bank was recently named Best Bank in Zimbabwe at the 2024 Top Companies Survey Awards. Judges recognised the bank for its strong loan book, smart hedging strategy, effective deposit and liquidity management, and robust digital banking services.
Judge committee chair Prosper Tafadzwa Matiashe said Stanbic stood out for its efficient operations, strong USD deposit mobilisation, and solid digital platforms that continue to deliver value in a changing economy.
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