By Jackson Okoth
Standard Chartered has set its sights on Small and Medium Enterprises (SMEs) segment, as commercial banks seek new ways to grow their loan books.
The bank, which posted the best performance in the second quarter of this year, will be joining a list of banks that have moved into this space. The UK-based bank on Monday launched its 2009 ‘Africa SME Month’ in all its African markets. Available figures indicate that SMEs in Africa currently account for between 30 and 60 per cent of GDP. The bank believes SMEs will be a key driver to sustainable economic growth in Africa over the next 10 years.
Commenting on the launch of ‘Africa SME month’ in Kenya, Mr Kariuki Ngari,
Executive Director Standard Chartered said, "Standard Chartered Bank recognises the significant contribution SMEs are making to Kenya’s economy. We remain committed to assisting the development of the SME sector."
‘Africa SME Month’ will run throughout October, providing a platform to significantly deepen the bank’s understanding of its SME customers’ requirements.
The bank will focus on driving its unique SME Trade Corridor initiative, assisting local SMEs do business with other markets such as China and the United Arab Emirates.
It recently sponsored the Kenya Top 100 Medium Sized Companies Survey, an initiative it is using to assist medium-sized companies propel
to become local corporates.
This is done mainly through financial advice and availing working capital
