How Stanbic Bank is Supporting Kenya’s SMEs Growth

Stanbic Bank Kenya has announced its dedication to support the growth and development of small and medium-sized enterprises [SMEs] through innovative and tailored solutions. This commitment was highlighted at the Kenya Annual Manufacturing Summit & Expo, known as the Changamka Shopping Festival, organized with the Ministry of Investments, Trade, and Industry.

Recognizing the manufacturing sector’s significance to Kenya’s economy, Stanbic Bank emphasized its support for the industry, which employs 15.9% of the private sector workforce with 362,300 jobs.

Florence Wanja, Regional Head of Business and Commercial Banking at Stanbic Bank

“SMEs are the backbone of our economy, and we are dedicated to empowering these businesses with the resources and support they need to thrive. We strongly support the ‘Buy Kenya, Build Kenya’ initiative and are committed to fostering local manufacturers and SMEs to drive sustainable economic growth and development in Kenya.” Stated Florence Wanja, Regional Head of Business and Commercial Banking at Stanbic Bank.

Stanbic Bank highlighted several initiatives aimed at addressing key challenges in the manufacturing sector:

Energy Efficiency: Providing solar financing to cut electricity costs by up to 30% and finances energy-efficient machinery to help manufacturers enhance their green credentials and competitiveness.

Market Access: Through the Africa-China Partnership, the bank facilitates market access and offers trade finance instruments like Letters of Credit and Bank Guarantees, as well as distribution finance solutions to optimize market routes and stock financing.

Risk Mitigation: The bank also offers consistent access to foreign exchange and hedging solutions to mitigate FX rate volatility risks, crucial for importing raw materials.

    Stanbic Bank is also running an SME campaign called “Unlock New Horizons,” promoting solutions that ensure sustained SME growth. This includes financing, advisory services, and digital banking tools designed for SME access, convenience, and growth.

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