Thursday, October 06, 2011

(ZIMPAPERS) Credit facility for traders

Credit facility for traders
Saturday, 01 October 2011 12:06
Business Reporter

AIR Zimbabwe is soon expected to unveil a new credit facility for local cross-border traders which will allow them to fly to China, Dubai and other international destinations and pay later for their travels. This arrangement is being negotiated by the Cross-Border Traders’ Association (CBTA) of Zimbabwe.

The development comes in the wake of the resumption of flights by the national carrier and the launch of the mobile flea market by CBTA this week. The Cross-Border Traders’ Association president, Mr Killer Zivhu, said the “fly now, pay later” facility would empower cross-border traders as they would be able to expand their businesses to competitive markets, especially in Asia.

“Our negotiations are now at an advanced stage as we are hoping this facility will help the growing number of Chinese traders,” said Mr Zivhu. Air Zimbabwe board chairman Mr Jonathan Kadzura said the agreement would help boost the airline’s business.

CBTA is also set to launch the mobile flea market this week and one of the products being introduced is the Rand Card which enables cross-border traders to conduct electronic transactions in South Africa instead of carrying around huge sums of money.

The Rand Card was developed in conjunction with a local financial institution, Interfin Bank.

Under this facility traders are required to open bank accounts with Interfin Bank in which they can deposit money and top up credit on their cards whenever they travel to South Africa on business.

Another such facility available to cross-border traders through the same bank is the Travelex Visa Card, which allows traders to access their money anywhere in the world.
The association is planning to take its members to Brazil, South Sudan and other markets that have immense potential but have not been penetrated much.

So far groups of cross-border traders have been going on business missions to China, Dubai, Tanzania and other countries in the region.-The Sunday Mail

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