SME growth critical for SADC industrialisation — Stanbic Bank

STANBIC Bank Zimbabwe has reaffirmed its commitment to the growth of Small to Medium Enterprises (SMES) and believes the sector’s success is critical in the industrialisation of the entire Southern African Development Community (SADC).

The local financial institution was among the key participants during the recent 7th SADC Industrialisation Week, which ran from July 28 to 02 August in Harare, and brought together industry leaders, policymakers, and stakeholders from across SADC to discuss and promote industrial growth and development within the region.

The event was part of the built-up to the 44th Ordinary Summit of SADC Heads of State and Government, scheduled for August 17.

In a media update yesterday, Stanbic Bank Zimbabwe said it used the platform to showcase its commitment to driving economic growth and supporting SMEs in Zimbabwe.

The bank’s head of business and commercial banking, Mr Patson Mahatchi, said the theme of the summit —

“Promoting innovation to unlock opportunities for sustained economic growth and development towards an industrialised SADC” —resonated with their thrust to promote growth for Zimbabwe and Africa at large.

He explained that Stanbic Bank was playing a pivotal role in championing the growth and welfare of SMEs adding that its mission, “Zimbabwe is our home, we drive her growth,” is the cornerstone of their support for SMEs.
Stanbic already has come up with tailor-made financial services and products for SMEs to enable them to thrive and contribute to the country’s economic development, and that of the entire region.

“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 Mr Mahatchi.

He said Stanbic Bank attaches significant importance to SMEs to such an extent that the institution has a full-fledged unit that attends strictly to SMEs and foster their growth and development through innovative and well thought-out strategies.

This year, Stanbic Bank Zimbabwe received the prestigious Zimbabwe National Chamber of Commerce (ZNCC) awards for its outstanding work in supporting small and medium-sized enterprises.

Last month, Stanbic Bank was named National Winner for supporting micro, small to medium enterprises in Zimbabwe by ZNCC, having won the regional award a few months earlier.
Stanbic Bank was recognised for coming up with innovative financial products and strategies for SMEs in 2023.

The bank was rewarded for implementing carefully structured measures that promote the formalisation of SMEs and financial inclusion, as well as for having far reaching and sustainable achievements and milestones that support SMEs development.

Mr Mahatchi said the accolades 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 indeed Zimbabwe’s growth through well thought-out strategies which uplift the operations of SMEs and particularly take them to the next level,” he said.

Mr Mahatchi said the 7th SADC Industrialisation Week was a resounding success, offering valuable insights and fostering collaboration among SADC member countries. He said their participation underscored the bank’s pivotal role in driving industrial growth and supporting SMEs, reaffirming its commitment to the development and prosperity of Zimbabwe.

As part of its strategies aligned to the SMEs, Stanbic Bank set up an incubator/innovation hub in Harare, which empowers, nurtures entrepreneurship and innovativeness in SMEs. The incubator hub has programmes that exist to capacitate and up-skill existing entrepreneurs and start-ups, through the model which is based on pillars that include ideation, incubation and acceleration.

Stanbic Bank has also hosted financial fitness academy in Midlands, Harare and Mutare that offers financial literacy training to its SME clients. The SADC Industrialisation Week is a crucial platform designed to advance the industrialisation agenda within member countries.

It focuses on fostering regional economic integration, promoting industrialisation policies, and facilitating networking and partnerships among SADC countries. By bringing together various stakeholders, the event aims to create synergies that will accelerate industrial development, enhance competitiveness, and improve economic resilience across the region.-chroncile