Keystone Bank Limited has introduced a trade portal to support the international trade activities by its customers.

A statement from the bank on Sunday quoted the Managing Director/Chief Executive Officer, Mr. Philip Ikeazor, as saying the new trade portal solution supported manufacturers, importers and other companies that were engaged in foreign exchange transactions.

He spoke at a customers’ trade forum organised by the bank in Lagos.

According to the Keystone Bank boss, the portal will also help customers to initiate trade transactions from the comfort of their offices, homes or anywhere they are.

Besides, he said, new trade patterns would lead to new financial instruments and new ways of adding value for customers.

This, he pointed out, would also drive trade transactions in the economy.

Ikeazor said the forum was vital as governments and various bodies had continued to emphasise the significance of international trade to the growth of the economy.

He said, “As a country, we cannot afford to wait while other nations are moving ahead with various bilateral arrangements which will not only redefine global trade flows but also deployment of resources and investment flows. As an industry, banks must be more proactive in engaging with all stakeholders, including the regulatory community. This is the reason we invited the Central Bank of Nigeria, Nigeria Customs Service, importers, exporters and other stakeholders to be part of this forum.”

 He added, “There is need for positive collaboration to drive import and export trade volumes, leveraging technology and customer service. There is ample room for banks to invest in technology and service for trade growth.”

According to Ikeazor, a large proportion of world trade was being conducted on open account basis as large buyers and sellers rely less on banks.

“At Keystone Bank, we know that banking is about adding value to our customers, continually challenging our capacity to increase their options, in a bid to create better solutions,” he explained.

The statement quoted the Director of Trade and Exchange, CBN, Mr. Batari Musa, as lauding the initiative of the bank in organising the forum, saying that the newly introduced trade portal by the lender would help to complement efforts of the CBN in facilitating trade and investments.

The statement quoted the Comptroller-General, NCS, Alhaji Inde Dikko, who was represented by the Deputy Comptroller-General,  Aber Benjamin, as acknowledging the lapses and delays caused by the  service providers at the ports.

He said that all these would be addressed by the end of November this year when the Customs would take over the running of the ports from the service providers.

Already, preparatory to the handover, he said the Customs had put in place a process that allowed “four shifts of six hours” to reduce the delays, thereby ensuring a 24-hour operation.

He listed the benefits of the ‘Single Window System’ introduced in April last year as increased revenues, ability to manage information, speed and convenience in facilitating trade.

Source: Punch