Standard Chartered to build SMEs Capacity through Financial Literacy Skills

Standard Chartered Bank on Thursday launched a partnership that will provide entrepreneurship and financial education skills to Small and Medium Enterprises while at the same time linking the businesses to trade opportunities on the Asian Trade Corridor.

The Bank unveiled a Recognition Programme for its clients in the Business Banking segment that will be run in conjunction with Kenya Association of Manufacturers (KAM), Kenya Investment Authority (KenInvest) and Strathmore Business School.

The Banks’ Head of Retail Banking Standard Chartered Bank Mr. David Idoru said that through the partnership with Strathmore, their Business Banking clients will attend capacity building training and workshops so as to be equipped with skills needed to grow the business.

He also noted that through KAM, their clients will have access to a series of advisory workshops addressing topical issues facing the SME sector and be able to leverage the Association’s strong networks in the manufacturing industry.  Further, the partnership with Kenya Investment Authority will enable the same clients to enjoy greater access to local and international trade corridors.

“The Recognition Programme will be instrumental in closing the knowledge and skills gaps facing SMEs. The Bank’s clients will now enjoy up to 20 percent discount when enrolling for Entrepreneurship courses partners,” added Mr.Idoru.

The Bank will also supplement the Strathmore Entrepreneurship curriculum to give a practical approach by way of Guest lectures. This will be complemented by International Study trips to Asia during which the Bank will facilitate Kenyan delegates to meet and network with SME counterparts in China, Malaysia, and Singapore. The delegates will also be treated to interactive sessions covering market overview & business opportunities on the far-east trade corridor.

“Standard Chartered has strong historical links to the rest of the world especially Asia. We shall use these invaluable connections to build the profile and capacity of these entrepreneurs,” said Idoru.

The Business Banking Clients Recognition Program has been designed to bring together customers and give them an opportunity to engage and benefit from exposure to the Bank’s network in a bid to help them upscale and grow their businesses.

“This is a very important segment whose needs continue to evolve over time. Our ultimate goal is to support the SMEs to grow their business across borders and continents. We shall continue to grow this segment by providing transaction banking services, cash management solutions and structured lending facilities focusing on trade, working capital, and secured lending,” Mr. Idoru said.

Last month Standard Chartered announced that it will increase funding to the SME sector by 30 percent. The Bank is targeting to loan more than 12 billion shillings to SMEs to improve their capacity in Cash Management, Trade Finance, and Technology. Standard Chartered is targeting SMEs with a minimum annual turnover of 10 million shillings which have been in business for at least three years.