What Stanbic Bank’s It Can Be Means For The Kenyan SME

Kenya’s economy thrives on the wheels of small and medium enterprises (SME). The SME sector employs about 86 percent of Kenya’s population and contributes about 45.5 percent to the country’s gross domestic product (GDP). It is the backbone of the economy.

Stats from the Kenya National Bureau of Statistics (KNBS) showed that in five years to 2016, at least 2.2 million SMEs shut down. This translated to at least 450,000 SMEs dying annually, 30,000 monthly, and at least 1,000 daily.

The coming of Covid-19 hit the Kenyan SME hard. It is not known how many have shut down as a result but the number might be in millions. A report by Kenya Bankers Association (KBA) showed that 1.7 million Kenyans lost their jobs in the first 3 months of Covid-19.

Stanbic Bank Kenya has announced its plans to continue supporting the Kenyan SMEs for them to thrive and wade through the economic challenges. With its new tagline, It Can Be, Stanbic says SMEs will always be at the heart of its operations.

“Interruptions such as COVID-19 can set us back and we all need a reliable partner who understands our needs and can walk with us to help us stay on track and achieve our goals,” said Mr. Charles Mudiwa, Stanbic Bank Chief Executive.

Stanbic Bank has reaffirmed its commitment to support the SME’s and the transformation of lives of the various stakeholders in this sector.

Through the Stanbic Bank Foundation, the bank plans to continue growing the entrepreneurship ecosystem and unlock possibilities through four key pillars of business competitiveness, funding, markets, and influencing policy.

The bank has also used its knowledge to develop digital solutions that meet the SMEs’ unique needs. “Our clients are faced with disruptive challenges in their day to day lives, the most recent challenge being the global pandemic that has shifted the way we interact, socialize, and do business.”

READ: Brigid Kosgei To Be The New Face Of “It Can Be” Journey