STANBIC, RAMANI TO REVOLUTIONIZE DOMESTIC TRADE & FINANCIAL INCLUSION

Dar es Salaam, Tanzania, April 22, 2024 – Today, Stanbic Bank Tanzania, a key player in Tanzania’s banking sector, and Ramani, a leading financial technology firm, are excited to announce a strategic partnership aimed at transforming domestic trade and advancing financial inclusion across Tanzania. This groundbreaking collaboration seeks to leverage technology and strong financial backing to enhance the business capabilities of local distributors and entrepreneurs.

The partnership aims to utilize Ramani’s sophisticated financial technology infrastructure alongside Stanbic Bank’s robust financial resources. This collaboration will support over 100 distributors in its first year, focusing on key value chains in the Fast-Moving Consumer Goods (FMCG) sector. By integrating advanced technological platforms and financial strategies, the partnership addresses critical aspects of risk management, sales monitoring, and digital transactions to enhance operational efficiency across the board.

Fredrick Max, Head of Business & Commercial Banking at Stanbic Bank Tanzania, remarked, “Our collaboration with Ramani is more than a business venture; it is a strategic alignment that promises to revolutionise the way trade is conducted in Tanzania. By combining our strengths, we aim to not only support the financial needs of local distributors but also to contribute significantly to the economic growth of our nation.”

The core objective of this partnership is to provide Distributor and Dealer Financing to enhance the supply chain management for distributors and dealers involved with major brands like Coca-Cola. The collaboration will facilitate better procurement management, inventory control, and digital sales tracking, significantly improving business processes and financial transactions.

Iain Usiri, CEO of Ramani, stated, “We are thrilled to partner with Stanbic Bank Tanzania. This partnership will simplify and enhance the management of national-scale credit portfolios and expand automated financial services, crucial for driving domestic trade and financial inclusion.”

The official unveiling of this partnership was held at the Hyatt Regency Hotel on April 22, 2024. The event featured keynotes from executives of both organizations, a panel discussion, and interactive sessions aimed at engaging stakeholders and the media. This launch is not just a showcase of a new business strategy but also an opportunity to directly engage with the community and stakeholders involved.

The partnership’s success will be measured by the integration of 100 distributors within the first year, with plans for significant scale-up to reach more businesses across Tanzania. Social media engagement, financial growth metrics, and client onboarding rates will serve as key indicators of the partnership’s impact and effectiveness.

The strategic partnership between Stanbic Bank Tanzania and Ramani sets a new benchmark for collaborations in the financial sector, promising substantial improvements in the way domestic trade is conducted and supported financially in Tanzania. Through this initiative, both organizations reaffirm their commitment to fostering economic growth and enhancing financial accessibility for Tanzanians.

About Stanbic Bank Tanzania

Stanbic Bank Tanzania is part of the Standard Bank Group, Africa's largest banking group ranked by assets and earnings, and is deeply committed to developing comprehensive financial solutions that foster economic growth in Tanzania.

About Ramani.io

Ramani.io is a leading fintech firm in Tanzania, dedicated to providing robust financial infrastructure to facilitate value chains and enhance economic activities across the nation.