Stanbic Bank Kenya has affirmed its commitment to SME growth and capacity building through innovative, customized and relevant solutions.
The Bank made this announcement during the Kenya Annual Manufacturing Summit & Expo, popularly known as the Changamka Shopping Festival, organized in partnership with the Ministry of Investments, Trade, and Industry.
Speaking to the theme of the festival, “Celebrating Kenya’s Manufacturing Milestones, Stanbic recognized the importance of the manufacturing sector to Kenya’s economy, affirming its support for the industry which is the highest-wage employer in the private sector, providing 15.9% of direct jobs, amounting to 362,300 positions.
“SMEs are the backbone of our economy, and at Stanbic Bank, we are dedicated to empowering these businesses with the resources and support they need to thrive. We are huge proponents of the “Buy Kenya, Build Kenya” initiative, and remain committed to supporting local manufacturers and SMEs to deliver sustainable economic growth and development in Kenya.’’ said Florence Wanja, Regional Head of Business and Commercial Banking at Stanbic Bank.
Speaking during the opening session, Stanbic Bank indicated its commitment to addressing key challenges in the manufacturing sector through various initiatives including:
- Energy Efficiency: Stanbic offers solar financing to reduce electricity costs by up to 30%, providing financing for energy-efficient machinery and equipment to help manufacturers attain green credentials and enhance global competitiveness.
- Market Access: Through the Africa-China Partnership, Stanbic facilitates access to new markets and offers tailored trade finance instruments, including Letters of Credit and Bank Guarantees. Additionally, the bank supports distribution finance solutions to ensure efficient market routes and stock financing for distributors.
- Risk Mitigation: Stanbic provides consistent access to foreign exchange and offers hedging solutions to mitigate the risks of FX rate volatility, essential for the importation of raw materials.
Stanbic Bank is currently running an SME campaign dubbed ‘Unlock New Horizons’ that seeks to drive awareness and uptake of solutions that drive sustained SME growth. Inclusive of financing, advisory services and digital banking tools, the Bank has developed SME centric solutions that offer access, convenience and growth.