STANBIC BANK LAUNCHES NEW PROPOSITION FOR SMEs

Stanbic Bank Head of Business and Commercial Clients, Fredrick Max (right) speaks during the launch of Stanbic Bank's exclusive value proposition for Small and Medium enterprises (SMEs) dubbed ‘Mpambanaji’ which aims at promoting financial inclusion by empowering SMEs to utilise the country's investment opportunities and increase their regional and global competitiveness in Mwanza. Also in the picture is Stanbic Bank's Head of Consumer and High Net Worth Clients, Omari Mtiga (centre) and Head of Incubator, Kai Mollel (left).

Dar es Salaam, 28th September 2022 - Stanbic Bank Tanzania, has launched an exclusive value proposition for Small and Medium enterprises (SMEs) dubbed ‘Mpambanaji’, with the theme: Tunakuwezesha Kukuza Biashara Yako (we empower you to grow your business). The New solution aims at promoting financial inclusion by empowering SMEs to utilise the country's investment opportunities and increase their regional and global competitiveness.

The proposition was unveiled through a campaign that kicked off with a press conference and a workshop for SMEs at the Goldcrest hotel in Mwanza.

The Mpambanaji proposition comprises a full suite of solutions including; SMEs-centred accounts for individuals, groups and SACCOS - Mpamabanaji account, Vikundi and Saccos, an incubator program for capacity-building, Borderless Banking, Vehicle Asset Finance (VAF), Insurance services, Biashara Exchange, Africa China Trade Solution, as well as Agency Banking solution - Stanbic Wakala-with over 500 agents, increasing the bank's footprint in the country.

Speaking about the proposition during a press conference, the bank’s Head of Business and Commercial Clients, Frederick Max, stressed that Mpambanaji aims to solve the challenges that have been hindering business from transitioning from informal to formal businesses.

“SMEs constitute over 70% of the private sector and employ over 4 million people. The small and medium business sector has the potential to make a significant contribution to the economy of Tanzania if formalised.” He said “That is why as a financial institution we recognised the importance of providing support that goes beyond financial assistance, by creating a proposition that will ensure SMEs have the tools they need to establish sustainable and profitable businesses” Max explained.

On the other hand, the Head of Retail Banking, Omari Mtiga disclosed that the bank is continually looking to create innovative and practical solutions that will enable their customer's dreams to come true. “The Mpambanaji account is for the go-getters, the SMEs who grind every day to ensure that they achieve their business goals. Stanbic Bank is here to walk you through your transformational journey,” Mtiga said.

He added that, SMEs can open the Mpambanaji account with just their TIN and NIDA identification cards. Additionally, the account will have no monthly charges among other benefits.

As part of the proposition launch activities, the bank in collaboration with stakeholders such as BRELA, Local Government and TRA conducted a capacity-building workshop for SMEs in Mwanza.

Stanbic’s Head of Incubator, Kai Mollel, revealed that similar workshops will be conducted in collaboration with other stakeholders in other regions including Arusha, Mbeya, Tanga and Dar es Salaam as part of the bank's Biashara incubator initiatives that seeks to develop the entrepreneurial ecosystem and enable businesses success through tailored capacity-building and business support services. "Our aim is to see every 'Mpambanaji' wins" She insisted.

As the Best Investment Bank and the EuroMoney Market Leaders for SMEs 2022 awarded by EuroMoney, Stanbic Bank continues to position itself as a dedicated and exclusive bank committed to being part of SME's growth, through capacity building and financial inclusion with tailored financing and beyond banking solutions.