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FINANCIAL services institution, Stanbic Bank Zimbabwe, has pledged to continue increasing its support for small to medium enterprises (SMEs) as part of its drive to empower and develop entrepreneurship capacity among business start-ups.
The bank’s quest to empower SMEs and champion innovativeness has seen it establish and successfully run the ‘Stanbic Bank Incubation Hub’ to aid the growth of young businesses.
Head of enterprise banking at Stanbic Bank, Auxillia Kambasha, said the informal sector accounts for a large percentage of the workforce, and yet most of these entrepreneurs do not have the requisite business know-how to run their operations.
“While the informal sector has contributed to the country’s GDP (gross domestic product) significantly in different areas such as agriculture, technology, and retail among others, the players stand to benefit from the Incubation Hub through its well-thought-out training and support programmes,” she said.
‘The hub’s programmes are tailor-made, under a hybrid approach, to capacitate and upskill existing entrepreneurs and start-ups.”
The capacity-building programme rides on pillars that include ideation, incubation, and acceleration. Through it, Stanbic Bank provides a nurturing, instructive, and supportive environment for entrepreneurs at different stages of business life cycle.
Located in Harare for now, the Incubator Hub was opened in 2019 but closed in 2020 due to the outbreak of Covid-19 and then re-opened in March 2022.
It is a place for SMEs to come in, work and share on innovative ideas for their existing or upcoming businesses, said the bank, adding that the facility has become a vibrant co-working space for entrepreneurs and freelancers to work and connect with like-minded individuals and professionals from different sectors.
“This helps grow their business and gain insight into different markets, which can be very difficult for those starting out,” said Kambasha.
“Young and talented individuals birth their business ideas and are helped by subject matter experts from Stanbic Bank to nurture them into full-fledged businesses.
“The response from entrepreneurs has been good and all those who have passed through the hub have benefitted from the support Stanbic Bank offers for their business to grow from incubation level to becoming fully established.”
According to the bank, over 150 young entrepreneurs have benefitted from financial literacy training at the hub in the six months it was operating after its inception in September 2019.
During Covid-19 lockdown period, more than 65 webinars were held to ensure that the predominantly budding and young entrepreneurs were given the requisite skills to grow their enterprises.
“Whether it’s starting a tech start-up or a business that helps people within the community, the hub helps to develop the skills and confidence to develop an idea into a fully functioning business,” said Kambasha.
“The hub helps young entrepreneurs become innovative and powerful influencers of change and is producing the next wave of leaders in business and beyond.”
Among the beneficiaries of the hub is Mr Tawanda Takure, the founder of Footnote, a digital marketing agency that works with brands in Zimbabwe and South Africa. He started working at the hub in October last year.
“The hub has helped me connect with fellow entrepreneurs whom I’ve managed to share experiences and ideas with so far,” said Mr Takure who has also formed lucrative partnerships with other creatives at the hub leading to the establishment of an innovative chatbot development start-up called Chatbox Pro.
derick.khumalo