Stanbic Bank Zimbabwe has reinforced its commitment to supporting Small to Medium Enterprises (SMEs) during the 7th SADC Industrialization Week, which took place from 28 July to 2 August 2024. The event, held in the lead-up to the 44th Ordinary Summit of SADC Heads of State and Government, brought together industry leaders, policymakers, and stakeholders from across the Southern African Development Community (SADC) to discuss and promote industrial growth within the region.

Stanbic Bank, a subsidiary of the Standard Bank Group, played an active role in the event, showcasing its dedication to driving economic growth and supporting SMEs in Zimbabwe. Patson Mahatchi, Head of Business and Commercial Banking at Stanbic Bank Zimbabwe, highlighted the importance of SMEs to the country’s economy, noting that they are crucial in creating jobs, fostering innovation, and driving economic growth.

Mahatchi emphasized that Stanbic Bank’s mission, “Zimbabwe is our home, we drive her growth,” is the foundation of its support for SMEs. He further explained that the bank provides tailor-made financial services and products designed to enable small and medium-sized enterprises to thrive and contribute to Zimbabwe’s economic development.

Stanbic Bank’s efforts have not gone unnoticed, with the institution receiving the prestigious Zimbabwe National Chamber of Commerce (ZNCC) awards for its outstanding work in supporting SMEs. The bank was also named the National Winner for supporting micro, small, and medium enterprises in Zimbabwe by the ZNCC, having previously won the regional award.

The bank’s commitment to SMEs includes setting up an incubator/innovation hub in Harare, which empowers and nurtures entrepreneurship and innovation among SMEs. The incubator hub offers programs focused on ideation, incubation, and acceleration, aimed at capacitating and upskilling entrepreneurs and start-ups. Additionally, Stanbic Bank has hosted financial fitness academies in various regions to provide financial literacy training to its SME clients.

The 7th SADC Industrialization Week was a resounding success, offering valuable insights and fostering collaboration among SADC member countries. Stanbic Bank Zimbabwe’s participation underscored its pivotal role in driving industrial growth and supporting SMEs, reaffirming its commitment to the development and prosperity of Zimbabwe.

The SADC Industrialization Week serves as a crucial platform for advancing the industrialization agenda within member countries. By focusing on regional economic integration and promoting industrial policies, the event aims to enhance competitiveness and improve economic resilience across the SADC region, ultimately contributing to sustainable economic development and poverty reduction.