Standard Chartered Kenya has announced a comprehensive suite of products for the Medium Enterprise segment as it responds to increasing demand for more sophisticated needs from its clients.
The Bank will leverage its strong global network to serve the clients, tapping into enhance demand for trade in key corridors across Africa, Middle East, Asia, and Europe.
“Our purpose has always been to drive prosperity and commerce through our unique diversity and this is underpinned by our brand promise, here for good. Over the last century, we have helped Kenyan businesses access trade across our global network. Today we are refreshing our focus on the medium enterprise segment to ensure that we can better connect our clients to the world’s fastest growing and most dynamic regions,” said Kariuki Ngari, Managing Director and CEO, Kenya and East Africa at Standard Chartered.
For decades, the Small and Medium Enterprise segment has been considered a key driver of economic development across the African continent. The segment increasingly contributes to the growth of emerging economies, accounting for an estimated 95 per cent of all registered businesses and contributing an estimated 50 per cent of Africa Gross Domestic Products, according to the World Bank.
A major challenge for the segment is access to finance and global trade corridors. As economies across Africa and in Kenya continue to expand and contribute more to economies, they require funding and enhanced access to financial solutions that will enable these enterprises play a crucial role in fostering innovation, creating employment opportunities, and contributing to overall economic growth.
Standard Chartered’s Medium Enterprise offering seeks to respond to these needs, positioning the firm as a partner for companies that are making the transition from small businesses to a medium-sized enterprise.
“We have taken time to understand this rapidly growing sector and invested in the right people and solutions to support businesses as they transition into their next growth era. We have expanded the capability of our robust Straight2Bank online banking platform – with the aim of driving more commerce and convenience across the markets that we cover,” said Edith Chumba, Head of Consumer, Personal and Business Banking, Kenya and East Africa, Standard Chartered.