Over 21,000 SMEs benefitted from Stanbic Bank

More than 21,000 Small and Medium Enterprises (SMEs) and individuals have benefited from the Stanbic Bank Kenya programmes, and can position their businesses better in a digital world.

This is according to Stanbic Bank Kenya’s 2020 Report to Society released yesterday in Nairobi.

The report details the lender’s social, economic and environmental impact in the country - including its contribution in education, job creation and enterprise development, financial inclusion and health.

Others are infrastructure, trade and investment, climate change and sustainable financing.

Stanbic Bank Kenya chief executive Charles Mudiwa said loans valued at Sh40 billion were restructured during the period, extending repayment holiday to 7,203 clients. Lowering of interest rates saw customers save Sh665 million.

“We pledged to catalyse Kenya’s socio-economic growth. We remain committed to this promise, and by collaborating with strategic partners - the State and private sector,” said Mudiwa. “We have managed to create an impact in the lives of many individuals and enterprises through our social, economic and environment initiatives.”

The bank said it issued Sh1 billion as guarantees in support of transportation infrastructure development.

The lender also provided unsecured short-term financing for trade to SME’s backed by Sh1 billion in secured guarantees.

The bank has impacted education, job creation and enterprise development, through the launch of the Accelerate Programme.

The project seeks to position Kenyan businesses for success by offering digital literacy and career development training, as well as funding and access to job markets.