Stanbic funded 21,000 SMEs in public-private supported - report

The report highlights the bank’s contribution to driving the country’s growth in seven key areas.

In Summary

•This is the bank’s annual integrated sustainability report that shows its social, economic and environmental impact in the country.

•It also demonstrates the bank’s objective to creating shared value by supporting the core pillars of the society while also realizing targeted financial returns.

Stanbic Bank Kenya Head of Risk and Chair of SEE Agenda, Edwin Mucai (left), Head of Stanbic Kenya Foundation, Pauline Mbayah (centre), and CEO, Nairobi Securities Exchange (NSE), Geoffrey Odundo (right) hold the dummy Report to Society 2020 during the Launch at Movenpick Hotel, Nairobi.

Stanbic Bank through a Public-Private partnership with government supported over 21, 000 small businesses and individuals, according to its 2020 Report to Society.

Through the accelerator programme it seeks to support Kenyan businesses by providing individuals and enterprises with digital literacy and career development training as well as funding and access to job markets.

Through its Financial Fitness Academy (FFA), the bank has supported individuals and small businesses to understand how to better manage their wealth.

It partnered with Microsoft and established an e-learning platform for community training as well as up skilling people who lost jobs due to the Covid-19 pandemic.

“As a bank we made a pledge to catalyse Kenya’s socio-economic growth. We remain committed to this promise,” Stanbic bank Kenya chief executive, Charles Mudiwa said.

He said that by collaborating with strategic partners from the government and private sector, they  managed to create an impact in the lives of many individuals and enterprises through their social, economic and environment (SEE) initiatives.

The report highlights the bank’s contribution to driving the country’s growth through education, job creation and enterprise development, financial inclusion, health, infrastructure, trade and investment as well as climate change and sustainable financing.

“Our goal of establishing the accelerate programme was to address a significant skill gap in the country by boosting entrepreneurship and the employability of citizens,” Stanbic bank Kenya head of foundation, Pauline Mbayah said.

The bank restructured loans to the value of Sh40billion, extended repayment holidays to 7, 203 clients and lowered interest rates saving customers Sh665million.