Supply chain and logistics company DP World and financial services firm Standard Bank have partnered to offer trade finance solutions.

African companies looking for trade finance will now be able to seamlessly access working capital from Standard Bank through the DP World Trade Finance platform, the companies said in a statement on May 29.

“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, while Standard Bank will be able to support the many suppliers in DP World’s ecosystem across Africa with its strong financing capabilities,” said DP World Financial Services senior executive officer Sinan Ozcan.

“This ecosystem has 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.”

DP World Trade Finance connects businesses with financial institutions as a financial technology platform while also directly offering its own trade finance facilities. It offers businesses a single window to access trade finance solutions.

Customers can apply for credit on the digital platform, which will present them with the best options from global financiers who may otherwise be out of their reach. Access to finance is one of the biggest barriers for businesses seeking global trade opportunities, evidenced by the struggle that many businesses face in securing the upfront funds required to move cargo.

By bringing Standard Bank onto the platform, DP World Trade Finance now offers an array of financing solutions to African businesses, which face an ever-growing need for logistics and financial support to connect to global trade routes, Ozcan said.

“This partnership reflects our strategic vision of driving Africa’s growth. Platform businesses require strong partnerships at various levels of the value chain. The value derived from our shared knowledge, capability and skills will create unique opportunities to deliver financial services and trade solutions to our clients,” said Standard Bank Middle East and North Africa CEO Dr Rassem Zok.

“The partnership is a demonstration of our commitment to the transition of financial services to platform-based ecosystems and improving client experiences.”

“Africa is a key market for us, with this partnership complementing our ongoing investment and development across the continent. 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,” said DP World group chairperson and CEO Sultan Ahmed Bin Sulayem.

“As Standard Bank moves forward with the ambition of becoming a digitally enabled organisation, we seek partnerships with global multinationals like DP World to deliver trade solutions to our clients across the continent. Partnering with DP World allows us to enhance how we facilitate cross-border transactions in growing key trade corridors,” said Standard Bank Corporate and Investment Banking CEO Kenny Fihla.