Harare, Zimbabwe – Stanbic Bank Zimbabwe has reaffirmed its commitment to the growth of Small and Medium Enterprises (SMEs) by participating in the Southern African Development Community (SADC) Industrialization Week.
The event, which took place from 28 July to 2 August in the Makumimavi area, Chivhu, brought together industry leaders, policymakers, and stakeholders from across SADC to discuss and promote regional industrial growth.
It is part of the lead-up to the 44th Ordinary Summit of SADC Heads of State and Government, scheduled for 17 August.
Stanbic Bank Zimbabwe proudly participated in this significant event, demonstrating its dedication to driving economic growth and supporting SMEs in Zimbabwe.
Patson Mahatchi, Head of Business and Commercial Banking at Stanbic Bank, emphasized that the Summit’s theme, “Promoting innovation to unlock opportunities for sustained economic growth and development towards an industrialized SADC,” aligns with Stanbic Bank’s mission to foster growth for Zimbabwe and Africa.
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Mahatchi highlighted the critical role of SMEs in advancing Zimbabwe’s economy and underscored Stanbic Bank’s efforts to champion SME growth. He explained that the bank’s mission, “Zimbabwe is our home, we drive her growth,” underpins its support for SMEs through tailored financial services and products designed to help these businesses thrive and contribute to the country’s economic development.
“SMEs are vital to our economy. They create jobs, foster innovation, and drive economic growth. At Stanbic Bank Zimbabwe, we are dedicated to providing the necessary financial support and resources to help these enterprises succeed. Our mission is clear: Zimbabwe is our home, and we drive her growth,” said Mahatchi.
Stanbic Bank has established a dedicated unit to support SMEs, employing innovative strategies to foster their growth and development. This commitment has been recognized with several accolades. This year, Stanbic Bank Zimbabwe received the Zimbabwe National Chamber of Commerce (ZNCC) awards for its exceptional support of SMEs. Last month, Stanbic Bank was named National Winner for supporting micro, small, and medium enterprises in Zimbabwe by ZNCC, having previously won the regional award.
The bank was recognized for its innovative financial products and strategies for SMEs in 2023. It was commended for implementing measures that promote SME formalization and financial inclusion, achieving significant milestones that support SME development.
Mahatchi stated that these awards validate the bank’s efforts and commitment to empowering local businesses and contributing to Zimbabwe’s economic progress. “We are committed to driving Africa and Zimbabwe’s growth through well-thought-out strategies that uplift SME operations and elevate them to the next level,” he said.
The 7th SADC Industrialization Week was deemed a success, offering valuable insights and fostering collaboration among SADC member countries. Stanbic Bank Zimbabwe’s participation highlighted its pivotal role in driving industrial growth and supporting SMEs, reaffirming its commitment to Zimbabwe’s development and prosperity.
In alignment with its SME strategies, Stanbic Bank has established an Incubator/Innovation Hub in Harare to support and nurture entrepreneurship and innovation among SMEs.
The hub offers programs to enhance and upskill entrepreneurs and start-ups through a model focused on Ideation, Incubation, and Acceleration. Additionally, the bank has hosted financial fitness academies in Midlands, Harare, and Mutare to provide financial literacy training to its SME clients.
The SADC Industrialization Week serves as a crucial platform to advance the industrialization agenda within member countries. It aims to foster regional economic integration, promote industrialization policies, and facilitate networking and partnerships among SADC nations.
By bringing together diverse stakeholders, the event seeks to create synergies that accelerate industrial development, enhance competitiveness, and improve economic resilience across the region.
Industrialization is recognized as a key driver of development for SADC member states, leading to job creation, technological advancement, and economic diversification.
By focusing on industrial growth, SADC countries can achieve sustainable economic development, improve living standards, and reduce poverty.
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