Stanbic Bank’s parent company, Standard Bank Group, has provided R10,9 billion in relief to personal and SME clients across Africa in recognition of the challenges faced by SMEs as well as help them get through this difficult period.
Standard Bank Group recognises that Small and medium enterprises (SMEs) are the engine of economic growth in Africa, particularly when small businesses develop their potential to expand and contribute to job creation.
According to the World Bank, formal SMEs contribute up to 40 percent of GDP in emerging economies, and this number is much higher when including some informal businesses. The Brookings Institute expects that consumer spending in Africa will reach $6,66 trillion in 2030, up from $4 trillion in 2015, and a large portion of this will be driven by small businesses.
Growing entrepreneurship in Africa should be a priority for corporates and governments as the continent responds to and recovers from the economic fallout of the pandemic. Entrepreneurs will need access to the practical tools, knowledge, advice, skills, and connections to markets that are essential for their growth.
Job creation is critical to the growth of Africa, and if small businesses have access to information and mentorship across these pillars, they will more likely be able to scale their businesses and increase employment opportunities in their community.
Source : https://www.herald.co.zw/bank-gives-sme-clients-r11bn-relief/