Stanbic Bank Zimbabwe has reaffirmed its commitment to the growth of Small to Medium Enterprises (SMES) as the institution joined key stakeholders from the Southern African Development Community (SADC) during the organisation’s industrialisation week.
The industrialisation week, which ran from July 28 to 02 August, brought together industry leaders, policymakers, and stakeholders from across SADC to discuss and promote industrial growth and development within the region. It is one of the events held in the run up to the 44th Ordinary Summit of SADC Heads of State and Government, scheduled for 17 August.
Stanbic Bank Zimbabwe was a proud participant of this significant event, showcasing its commitment to driving economic growth and supporting small to medium enterprises (SMEs) in Zimbabwe.
The Standard Bank Group Subsidiary’s Head of Business and Commercial Banking, 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 Stanbic Bank’s thrust to promote growth for Zimbabwe and Africa at large.
Mahatchi told delegates who attended the industrialisation week that Stanbic Bank was all too aware that SMEs are the engine that will drive Zimbabwe’s economy forward.
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.
Mahatchi said this ambition is reflected in the tailor-made financial services and products the bank offers to small and medium-sized enterprises, enabling them to thrive and contribute to the country’s economic development.
“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 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.
Stanbic Bank’s dedication to supporting SMEs has not gone unnoticed. 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.
Mahatchi said these 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,” said Mahatchi.
He said the 7th SADC Industrialization Week was a resounding success, offering valuable insights and fostering collaboration among SADC member countries.
Mahatchi said Stanbic Bank Zimbabwe’s 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 upskill existing entrepreneurs and start-ups, through the model which is based on pillars that include Ideation, Incubation and Acceleration.
Stanbic Bank hosted financial fitness academy in Midlands, Harare and Mutare that offers financial literacy training to its SME clients.
The SADC Industrialization Week is a crucial platform designed to advance the industrialization agenda within member countries. It focuses on fostering regional economic integration, promoting industrialization 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.
Industrialization is widely recognized as a key driver of development for SADC member states. It leads to job creation, technological advancement, and the diversification of economies, reducing dependence on primary commodities. By focusing on industrial growth, SADC countries can achieve sustainable economic development, improve living standards, and reduce poverty.
