July 17, 2024

Stanbic Bank Affirms Support for SMEs at Changamka Shopping Festival

Stanbic Bank Affirms Support for SMEs at Changamka Shopping Festival

Abdullswamad Sherrif Nassir Governor of Mombasa County Kenya during the offical opening of Changamka Shopping Festival

Stanbic Bank has reiterated its dedication to fostering SME growth and capacity building through innovative, tailored, and pertinent solutions. This declaration was made during the Kenya Annual Manufacturing Summit & Expo, also known as the Changamka Shopping Festival, organized in collaboration with the Ministry of Investments, Trade, and Industry.

Highlighting the festival’s theme, “Celebrating Kenya’s Manufacturing Milestones,” Stanbic emphasized the significance of the manufacturing sector to Kenya’s economy, reaffirming 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.

During the opening session, Stanbic Bank expressed its commitment to addressing key challenges in the manufacturing sector through various initiatives, including:

  1. 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.
  2. 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.
  3. 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 titled ‘Unlock New Horizons’ that aims to raise awareness and promote 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.