Ecobank Zimbabwe has written over US$150 million worth of letter of credit (L/C) business in the Zimbabwean market in the last eight months according to the bank's chairman.

Fortunate Chisango said the bank was able write this amount of L/C business because it is part of Ecobank Transnational, which has a footprint in 36 African countries.

Fertiliser dominationAccording to Chisango, the bank is Zimbabwe's top bank for agricultural imports, providing financing for "almost 100 per cent" of fertiliser imports.

The bank is also funding almost 100 per cent of raw materials used to manufacture cooking oil and 80 per cent of fuel imports claims Chisango.

He was speaking at the launch of a business incubation hub set up by the bank to support small- and medium-sized enterprises (SMEs).

SME support

The incubation hub called the Emerald Ecobank Business Club, will assist emerging businesses to grow and become large corporates, according to Heresy Herry, the bank's head of SMEs.

Emerald Club members enjoy benefits such as preferential treatment in accessing foreign currency to buy equipment while the bank provides a networking forum where SMEs can meet potential clients Herry said.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.