Stanbic crowned 2023 Zimbabwe bank of the year

One of the country’s largest financial services provider, Stanbic Bank, has been selected 2023 Bank of the Year in Zimbabwe by world-renowned London-based magazine, The Banker.

This cements the bank’s place as one of Zimbabwe’s leading financial services institutions.

The awards ceremony also saw five other Standard Bank Group (SBG) country banks across Africa named as African leaders in the prestigious Banker magazine’s annual global awards held in London recently.

Stanbic Bank was named as the best bank in Zimbabwe and was one of those selected from a field of more than 400 global entrants to win honours in the prestigious awards.

The other SBG operations that were named the best in their countries were Standard Bank Angola; Standard Bank Lesotho; Standard Bank Namibia; Stanbic IBTC Nigeria; Stanbic Bank Zambia.

The Banker magazine is widely considered as an “authoritative source of global financial analysis and data-driven intelligence.”

The Banker is renowned for having dedicated content pillars, which share new banking trends as well as having expert editorial analysis, in-depth research and succinct summaries of key topics affecting the banking sector.

Stanbic Bank chief executive officer, Solomon Nyanhongo, said The Banker noted that the institution weathered an increasingly challenging operating environment characterised by high inflation and shortage of foreign currency.

“The judges were impressed by the bank’s support for the all-important agricultural sector. With the foreign currency shortage set to threaten the viability of the tobacco selling season and with the

support of its parent company, Standard Bank Group, Stanbic arranged offshore lines of credit worth US$385 million, which helped tobacco merchants fund the growing and purchasing of tobacco,” said Nyanhongo.

He said the offshore lines of credit helped the farmers receive their sale proceeds in a timely fashion, ensuring that input costs were covered.

The tobacco-selling season commenced in March 2023 and before the auction floors had been opened, Stanbic Bank had pursued its strategic initiative of increasing its point of representation during the season for the convenience of tobacco farmers.

Nyanhongo said more than 33,000 new accounts were opened for farmers ahead of the season.

Stanbic’s offshore lines of credit contributed to the improved quality and volumes of tobacco that were delivered at auction floors.

An aggregate of 296 million kgs of tobacco was produced in 2023 up from 212 million that was delivered in the previous season.

“The award reflects not only the strength and depth of operations and skills but also the calibre of both our people and our clients in the jurisdictions in which we operate. The award, therefore, is

something that we can all be proud of, as we all played a part in securing it for Stanbic bank,” said Nyanhongo.

The Banker noted that winners of the award from various countries in Africa, Asia-Pacific and the Americas had proven their mettle in the face of series of economic headwinds and market volatility

during the past year, developing innovative products and services, modernizing their infrastructure and delivering bottom-line results.

The focus on environmental, social and governance (ESG) issues was a common thread in all winning submissions.

The Banker commented that “Sustainability is no longer a “nice to have” but vital for the future success of each and every bank.”

“This year we made awards in 140 countries. We received more than 400 submissions, with the highest number coming from Africa, followed by Asia-Pacific and the Americas,” said The Banker.

The award for Stanbic Bank comes hard on the heels of four other accolades won by the financial services institution last month.

Last month Stanbic Bank Zimbabwe scooped four prestigious awards – two at the Banks and Banking Survey sponsored by financial services institution, FCB and publishing company, Alpha Media

Holdings, one at the Contact Centre Association of Zimbabwe (CCAZ) as well as one from ESG Network Zimbabwe.

The Standard Bank Group subsidiary won the Overall Best Performing Bank, Best Bank Customer Service, Winner in the Banking Sector – Service Excellence Awards and Outstanding Contribution to Health & Education Support Award.-ebusinessweekly