- Stanbic Bank Kenya sign a Memorandum of Understanding (MoU) with the County Government of Kericho to offer digital skills training to individuals and SME’s.
- Stanbic bank Kenya open a new branch in Kericho County, expanding their points of representation in the region to support their growing clientele base.
- Stanbic Bank Kenya demonstrate their unwavering commitment to growing the agriculture sector by announcing an expanded Stanbic Agribusiness proposition, that includes a tea value chain, farm to product solution
KERICHO, Kenya: Stanbic Bank Kenya has today signed a Memorandum of Understanding (MoU) agreement with the County Government of Kericho as part of the banks FutureNiDigital program. The initiative championed by the Stanbic Kenya Foundation, aims to build the capacity of individuals and businesses by offering digital skills training.
The signing of the MoU took place at the new branch opening ceremony in Kericho town in the presence of the Chief Guest of Honor, Cabinet Secretary, Ministry of Industrialization, Trade and Enterprise Development, Hon. Betty C. Maina. Key guests in attendance included representatives from the National and County Government, as well as executive members from Stanbic Bank Kenya.
In February last year Kenya Government through a partnership with the Ministry of Industrialization, Trade and Enterprise Development and Stanbic Kenya Foundation, committed to impart digital skills to over 50,000 entrepreneurs to help enhance the employability of Micro Small and Medium Enterprises (MSMEs) and Kenyan citizens through digital upskilling. Thus far, under this program Stanbic has signed MoUs with Mombasa, Kisumu, Laikipia, Nakuru and Meru Counties, supporting and contributing to the overall country’s economy through firm interventions that propel job creation and enterprise development.
Under the partnership the bank is implementing its Accelerate Program which aims to position businesses for success. The program’s FutureNiDigital Campaign addresses a significant skills gap in the country by boosting entrepreneurship and the employability of citizens through digital literacy and upskilling, career development, and providing funding (grants) and access to job markets, a move that has helped many people to recover from the negative economic impact brought on by the COVID-19 pandemic. More than 50,000 SMEs have benefitted from digital skills.
Speaking during the launch, Cabinet Secretary for the Ministry of Industrialization, Trade and Enterprise Development, Hon. Betty C. Maina lauded the move by Stanbic Bank saying 98% of the country’s private sector is built on SMEs. “ More than 15 million businesses in Kenya. These businesses are in manufacturing, trade and agriculture.”
On his part, Kericho Governor, H.E Paul Kiprono commended the bank for the role it is playing in supporting SMEs and encouraged businesses in the County to take advantage of the bank’s offerings to grow their businesses. The County, he added, encourages Public Private Partnerships (PPPs) in its undertakings. He said: “ Kericho is a premium investment destination and this marks the beginning of a string of partnerships geared towards improving the lives of our people. The coming of Stanbic is timely and will play a big role post Covid-19.”
Speaking during the signing ceremony, the Chief Executive for Stanbic Bank Kenya, Mr. Charles Mudiwa said, “Our partnership with the Ministry of Industrialization Trade and Enterprise Development continues to grow and today we sign this MoU agreement with the Kericho County Government and open a new branch to serve the region. Our commitment to support communities across the country has been driven by our mantra which is to drive Kenya’s socio-economic growth. Our commitment is also in line with our It Can Be brand promise which seeks to support and empower individuals to reach their goals.”
The bank also recognizes the changing global trade flows as a result of the Ukraine-Russia war and how Kenya and other African countries need to adapt to these changes which are having an impact on the agricultural businesses in Africa.
The new branch opened in Kericho is the bank’s 27th branch. Stanbic currently has operations in 10 counties with plans to set up in three additional counties.
Stanbic Bank which is major player in the agribusiness sector also announced their expanded Stanbic Agribusiness proposition that seeks to further boost the sector. In the tea sector, Stanbic drives more than 80% of all transactions at the Tea Auction in Mombasa, through the electronic Billboard, which was pioneered by the bank in partnership with EATTA.
In Dairy, through our partnership with three (3) top dairy processors, the bank supports the processing of over 800,000 litres of milk daily, that positively impacts livelihoods of over 100,000 small-scale farmers. In Horticulture, the bank has a relationship with at least 50% of the flower farms in Kenya, who employ over 100,000 employees. Stanbic, through the expanded Stanbic AgriBusiness proposition is also looking to expand its Tea offering both off and on the electronic Billboard (eBB), which will allow it to directly support over 650,000 small-scale tea farmers.
Over the years, the bank has invested significantly in the agriculture sector in Kenya and across other markets in the continent including Mozambique, South Africa and Uganda through the parent company, Standard Bank Group.
Standard Bank Group launched a data driven digital solution in Uganda, OneFarm, that creates business linkages within the agribusiness ecosystem, specifically between smallholder and enterprise service providers. The platform has two main components which include supply certainty, the assurance that there is the right quality and quantity at the right time and supply optimization, which is about empowering smallholders to produce at maximum capacity. The components are critical for SMEs to forecast the crop to buy from farmers, which helps builds trust between the farmers and SMEs.
Lead photo: Cabinet Secretary, Ministry of Industrialization,Trade and Enterprise Development Hon Betty C. Maina (Centre), Governor Kericho County H.E Prof.Paul Kiprono Chepkwony (Left) and Chief Executive, Stanbic Bank Kenya, Charles Mudiwa (Right) during the launch of Stanbic Kericho Branch and signing of the Memorandum of Understanding between Stanbic Bank and Kericho County Government. Looking on is Head of Stanbic Bank Foundation, Pauline Mbayah (Right), and Kericho County Secretary Joel Bett (Right).