Standard Chartered will increase funding to the Small and Medium Enterprise sector by 30 per cent this year, Head of Retail Banking at Standard Chartered Mr. David Idoru has said.
Speaking today during the launch of a Business Banking customer campaign Idoru said the Bank is targeting to loan more than KES 12 billion especially to small businesses operating in the key trading sectors driving GDP in the country’s economy.
“Cash Management remains one of the biggest challenges for SMEs. Through electronic and mobile banking solutions we want to help SMEs build capacity by embracing a one-stop portal for all cash, trade and tax payment requirements. Embracing technology helps SMEs to improve productivity and transparency while reducing working capital cycles and integrating the physical and financial supply chains,” Idoru said
He added that the financial support will be channeled to SMEs to improve their capacities in Cash Management, Trade Finance and Technology.
The Bank is targeting SMEs with a minimum annual turnover of KES 10 million which have been in business for at least three years.