Stanbic Bank Pledges Continued Support for SMEs at Changamka Shopping Festival

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Stanbic Bank has solidified its dedication to empowering Small and Medium Enterprises (SMEs) through innovative and customized solutions designed to fuel growth and capacity building.

This commitment was recently reaffirmed during the Kenya Annual Manufacturing Summit & Expo, popularly known as the Changamka Shopping Festival, held in partnership with the Ministry of Investments, Trade, and Industry.

Themed “Celebrating Kenya’s Manufacturing Milestones,” the festival provided a platform for Stanbic Bank to acknowledge the critical role the manufacturing sector plays in Kenya’s economic well-being.

Stanbic Bank reiterated its unwavering support for this vital industry, recognizing it as the private sector’s highest-wage employer, generating 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.

Stanbic Bank, during the opening session, outlined its commitment to tackling key challenges faced by the manufacturing sector through a variety of initiatives:

Energy Efficiency: Stanbic Bank offers financing solutions for solar power installations, enabling businesses to reduce electricity costs by up to 30%. Additionally, they provide financing for energy-efficient machinery and equipment, empowering manufacturers to embrace green practices and enhance their global competitiveness.
Market Access: By leveraging the Africa-China Partnership, Stanbic Bank facilitates access to new markets for Kenyan manufacturers. The bank offers tailored trade finance instruments, including Letters of Credit and Bank Guarantees, to smoothen trade processes. Furthermore, they provide distribution finance solutions to ensure efficient market access and stock financing for distributors.
Risk Mitigation: Understanding the importance of managing foreign exchange fluctuations, Stanbic Bank provides consistent access to foreign exchange and offers hedging solutions. This mitigates the risks associated with FX rate volatility, a crucial factor for manufacturers who import raw materials.

Read Also: Stanbic Bank and Mobikey Kenya Join Forces to Drive Growth in Kenyan Vehicle Ownership

Stanbic Bank is currently spearheading an SME campaign, “Unlock New Horizons,” designed to raise awareness and encourage the adoption of solutions that drive sustained SME growth. This campaign encompasses financing options, advisory services, and digital banking tools, all meticulously crafted to offer SMEs accessibility, convenience, and the tools they need to thrive.