Chronicle Editor
Business Reporter
MORE than 150 young entrepreneurs have benefitted from a financial literacy training programme under the Stanbic Bank Zimbabwe’s incubator hub initiative.
The programme began in 2019 and was forced to a halt by the Covid-19 induced shut down early March 2020 and re-opened last month.
Its primary purpose was to support and empower budding entrepreneurs and Small to Medium Enterprises (SMEs).
Stanbic Bank has said the model was meant to buttress the Government’s efforts to boost SMEs operations while enhancing the financial inclusion agenda.
Stanbic Bank’s head of enterprise banking, Auxillia Kambasha, said that they used a hybrid approach in attending to the needs of entrepreneurs via a mix of both financial solutions as well as skills training.
“Before the incubator closed, we managed to accommodate over 100 entrepreneurs with the majority of them being entrepreneurs below the age of 30 who we offered co-working space,” she said.
“Over 100 entrepreneurs have gone through financial literacy programmes while a group of 15 entrepreneurs went through the trainings that were offered pro-bono by Stanbic employees who are subject matter experts,” said Kambasha.
“The Stanbic Incubator Hub which is a co-workspace for entrepreneurs and hub for innovation closed in March 2020 and we only managed to reopen this year in March.
This affected the physical programmes that were scheduled for empowering entrepreneurs.”
Despite the challenges posed by Covid-19, she said the incubator hub has received thumbs up from all key stakeholders with both participants and partners giving a positive response.
On the functions of the enterprise banking unit at large, Kambasha said the portfolio seeks to grow entrepreneurs and make a difference in their lives by helping them live their dreams.
She said Stanbic Bank prides itself in assisting the operations of home to business startups and SMEs as well as helping startups to do business the right way from day one.
“There is vast potential for growth for SMEs if given the right financial solutions and our team has the requisite knowledge to foster partnerships to succeed as well as providing solutions to business that range from advisory services, funding, coaching and mentoring, traditional banking to beyond banking, adding value at every step,” said Kambasha.
She said beneficiaries of the department are drawn from all sectors of the economy inclusive of education, health, manufacturing, transport, mining, farming among others.
Kambasha said the portfolio has grown steadily over the years coupled with general improvement in customer service delivery.
“The improved customer satisfaction is evidenced by an increase in positive feedback as well as high volumes of applications of new accounts reflecting market good standing from existing clientele giving referrals,” she said.
Kambasha also said their SMEs department has successfully nurtured and assisted clients to grow and graduate into commercially viable businesses.
She, however, said Covid-19 impacted operations of majority of SMEs through limited resources to ensure adequate supplies and timeous replenishment of stocks for continued operations”Collateral remains a hindrance to the growth of many businesses.
However, Stanbic has always been coming to the party with several alternative options on offer to assist those that were unable to meet the requirement of collateral,” said Kambasha.
“This has seen quite several SMEs benefitting from different funding options that were made available to entrepreneurs.
The Bank reviewed service fees downwards for SMEs to ensure survival of organisations that were seriously impacted by Covid 19 lockdown conditions.
Some customers downsized their operations while others unfortunately had to close shop,” she said.
Online Reporter