Stanbic Bank Kenya has announced that its commitment to empowering Small and Medium Enterprises (SMEs) and entrepreneurs has earned the bank the recognition as the ‘Best Pan-African Bank for SMEs’ at the EMEA Finance African Banking Awards 2024.
This accolade underscores the bank’s unwavering commitment to supporting small and medium enterprises (SMEs) across Kenya and the African continent.
Further, Stanbic’s commitment to SME growth extends beyond financial products, as the bank continues to drive economic inclusion and job creation through its operations.
In the financial year ending December 2024, 9 percent of the bank’s loan book was allocated to the agricultural sector, with Sh76 billion in trade loans disbursed to support business expansion.
Notably, through the Stanbic Foundation-USADF grant program, over 400 jobs were created, while more than 8,000 individuals received financial fitness training.
The bank also provided Sh63 million in concessionary funding to Micro, Small, and Medium
Enterprises (MSMEs), and since inception, Sh37.8 billion has been lent to women entrepreneurs through the D.A.D.A. program.
In a press statement to the media, Ms. Florence Wanja, Head of Business and Commercial Banking at Stanbic Bank Kenya, stated, “We understand that SMEs are the backbone of Kenya’s economy, and our goal is to ensure they have the resources, expertise, and financial solutions they need to thrive.”
By investing in SME-focused solutions, she reiterated that the bank is not only enabling businesses to scale but also creating employment opportunities and driving economic progress.
In 2024, Wanja recalled that Stanbic Bank Kenya launched the ‘Unlock New Horizons’ campaign, an initiative designed to expand opportunities for SMEs by increasing access to financing, advisory services, and digital banking tools. This campaign, which continues this year, reflects the bank’s commitment to sectors that drive economic growth, with SMEs at the centre of this vision.
Additionally, she maintained that the bank continues to invest in digital transformation to enhance SME banking experiences, providing seamless financial solutions tailored to business needs.
Consequently, Wanja highlighted that the bank’s investment in technology has strengthened customer acquisition, expanded its loan book, and facilitated business growth through innovative platforms.
“We recognise that technology is a powerful enabler for SMEs, allowing them to operate more efficiently, manage cash flow effectively, and access financial solutions in real time. Our digital banking solutions are designed to ensure that businesses, regardless of their size, can compete in today’s fast-evolving marketplace,” added Wanja.
According to the Head of Business and Commercial Banking at the firm, the regional award as the ‘Best Pan-African Bank for SMEs’ underscores Stanbic Bank Kenya’s capabilities, reach, and market leadership.
With a strong understanding of local business dynamics, coupled with its expertise in cross-border trade and Africa-China partnerships, Wanja asserted that the bank continues to position itself as a key player in trans regional trade.
Beyond financing, she added that Stanbic Bank Kenya offers SMEs critical advisory and networking opportunities.
“Through initiatives such as the Africa Trade Barometer, the bank provides valuable insights into market trends, empowering businesses to make informed decisions. Additionally, the bank actively sponsors key SME-focused events, such as the Changamka Shopping Festival, demonstrating commitment to capacity building and market access,” noted Wanja.
Meanwhile, the EMEA Finance African Banking Awards highlight institutions that deliver excellence despite challenging macroeconomic conditions, with a particular focus on innovation in digital services and commitment to supporting economic development.
Therefore, Stanbic Bank Kenya has vowed to continue focusing on expanding financial inclusion for underserved entrepreneurs and developing essential business insights to help SMEs make informed decisions in an increasingly competitive landscape.
By Michael Omondi
