At the vibrant Changamka Shopping Festival, an event celebrating Kenya's manufacturing milestones, Stanbic Bank Kenya has once again demonstrated its unwavering commitment to the growth and empowerment of Small and Medium Enterprises (SMEs).

This initiative is crucial for the nation’s economic landscape, given the manufacturing sector's significant contribution as the largest private-sector employer, responsible for 15.9 per cent of direct jobs, totalling 362,300 positions.

Florence Wanja, Regional Head of Business and Commercial Banking at Stanbic Bank, underscored the bank's dedication to local businesses.

"SMEs are the backbone of our economy, and at Stanbic Bank, we are dedicated to empowering these businesses with the resources and support they need to thrive," Wanja stated.

"We are huge proponents of the 'Buy Kenya, Build Kenya' initiative and remain committed to supporting local manufacturers and SMEs to deliver sustainable economic growth and development in Kenya."

Tackling Energy Costs with Solar Financing

Energy efficiency is a major focus for Stanbic Bank as it seeks to lower operational costs for manufacturers.

By offering solar financing, the bank helps businesses reduce electricity expenses by up to 30 per cent.

This move is not only cost-effective but also positions Kenyan manufacturers to meet global green standards, enhancing their competitiveness on the international stage.

Expanding Market Reach through Strategic Partnerships

Stanbic Bank leverages the Africa-China Partnership to open new market avenues for Kenyan businesses.

This strategic alliance provides SMEs with tailored trade finance instruments, including Letters of Credit and Bank Guarantees.

Additionally, distribution finance solutions ensure smooth market routes and efficient stock financing, enabling businesses to expand their reach and operations.

Mitigating Financial Risks with FX Solutions

To safeguard against the volatility of foreign exchange rates, Stanbic Bank offers consistent access to foreign exchange and advanced hedging solutions.

These financial instruments are crucial for manufacturers who rely on importing raw materials, providing them with stability and predictability in their financial planning.

Unlocking New Horizons for SMEs

In its ongoing efforts to foster SME growth, Stanbic Bank has launched the 'Unlock New Horizons' campaign.

This initiative is designed to drive awareness and adoption of comprehensive solutions tailored for SMEs.

The campaign includes a range of services such as financing, advisory, and digital banking tools, all aimed at providing SMEs with the access, convenience, and growth opportunities they need.

Stanbic Bank Kenya's innovative approach and steadfast support for the manufacturing sector exemplify its role as a key player in driving economic growth and sustainability.

Through targeted initiatives and strategic partnerships, the bank is paving the way for SMEs to flourish, contributing significantly to Kenya’s economic development.