Harare, 10 July 2024 – Leading financial services institution Stanbic Bank has been named National Winner for supporting micro, small, and medium enterprises in Zimbabwe by the Zimbabwe National Chamber of Commerce (ZNCC).
Stanbic Bank was recognized for its innovative financial products and strategies for SMEs in 2023. The Standard Bank Group subsidiary was rewarded for implementing carefully structured measures that promote the formalization of SMEs and financial inclusion, as well as for achieving far-reaching and sustainable milestones that support SME development.
ZNCC acknowledged Stanbic Bank’s focus on serving the needs of SMEs for the last 14 years. The bank’s efforts in supporting SMEs have seen its loan book growing year on year with solutions tailored for SMEs.
Also read: STANBIC’S RISE ABOVE INCUBATOR PROGRAMME FOR SMEs COMES FULL CIRCLE
The Chamber also recognized the flexibility of Stanbic Bank’s lending requirements for SMEs, noting that the institution has been intentional in focusing on SMEs, even establishing a division dedicated to serving them in 2010.
Among the innovative financial products introduced by Stanbic Bank last year was the Tobacco Booth, launched in various areas in addition to the bank’s network. The booths are located in Harare (TSF), Marondera, Karoi, Mvurwi, Bindura, Rusape, and Chinhoyi, catering to tobacco farmers so they can easily receive their tobacco sale proceeds.
Stanbic Bank Zimbabwe was recognized as the Financial Institution Most Supportive to SMEs for the year 2023 by the Zimbabwe National Chamber of Commerce (ZNCC) at an event recently held in Harare | Photo – Stanbic Bank
ZNCC applauded Stanbic Bank for setting up an Incubator/Innovation Hub in Harare, designed to empower and nurture entrepreneurship and innovation in SMEs. The incubator hub has programs that exist to capacitate and upskill existing entrepreneurs and startups, through a model based on the pillars of Ideation, Incubation, and Acceleration.
The Chamber noted that Stanbic Bank hosted a Financial Fitness Academy in Midlands, Harare, and Mutare, offering financial literacy training to its SME clients. Stanbic Bank also established a Virtual Business Centre dedicated to providing support and assistance through telephony and emails, freeing up time for clients to focus on their operations rather than frequently visiting the bank.
The Chamber acknowledged that Stanbic Bank held quarterly webinars for its SME clients to educate them on various topics, including regulatory changes, exchange control regulations, and financial wellness.
Among the achievements and milestones that highlight the institution’s success in supporting SME development in the previous year was the Rise Above the Noise SME Programme. This program sought to promote the growth of entrepreneurs banking with Stanbic Bank by offering seed prizes of USD 5000, USD 2500, and USD 1000 to the winner, first runner-up, and second runner-up, respectively.
Stanbic Bank was commended for its innovative trade solution that facilitates trade in China through the Africa China Trade Solution. This facility unlocks trade relations with the Chinese market, enabling SMEs to have reliable, authenticated, and efficient suppliers in Zimbabwe through an agent, Zhejiang International Trading Supply Chain Co Ltd, also known as Guamao.
The bank also partnered with Zimtrade to assist SMEs involved in manufacturing and farming in securing export markets for their products and produce. The partnership helps them to secure new markets through workshops.
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