Keeping entrepreneurs informed
Information is a critical resource, particularly in times of uncertainty.
In times of uncertainty, access to reliable information and insights is critical to making informed business decisions. To that end, Stanbic Bank Uganda partnered with ConsumerCentriX to launch a COVID-19 Business Info Hub.
Through a partnership that also includes the African Management Institute (AMI), the COVID-19 Business Info Hub offers informative virtual training sessions, advice, and webinars to help entrepreneurs through the crisis.
Employing more than 2.5 million people, small and medium enterprises (SMEs) are a key component of Uganda’s economy.
However, the COVID-19 crisis has had a significant impact on this segment, partly due to supply chain disruptions, travel restrictions, and changing work environments. Further, like SMEs across the continent, they are often constrained by a lack of financing, skills and business records.
The COVID-19 Business Info Hub initiative complements Stanbic Bank Uganda’s other COVID-19 support measures for entrepreneurs, including loan-repayment holidays. Further, to address reduced revenues and cash flows, clients can now access unsecured overdraft facilities within 24 hours, based on their individual banking histories. And to mitigate supply chain disruptions, the bank has partnered with Zhejiang International Trading Supply Chain Co Ltd to support enterprise clients importing from China.
The vision of the COVID-19 Business Info Hub is to become a trusted resource for all entrepreneurs in Uganda who are looking for industry insights and virtual training sessions.
ConsumerCentriX is an international strategy consulting firm that works with financial services companies and policymakers to translate consumer insights into market strategies and financial-inclusion policies. The firm has extensive experience in supporting SME development in East Africa.
Stanbic Bank Uganda’s Head of Personal and Business Banking, Grace Muliisa, says: “We will continue to be at the forefront of delivering solutions to entrepreneurs directly through strategic alliances and partnerships to keep them thriving during and post the pandemic.”
Anne Juuko, Chief Executive of Stanbic Bank Uganda, says Uganda cannot achieve sustainable growth without growing the SME segment. “Supporting their growth and development is a priority for Stanbic.”
Stanbic established a Business Incubator in 2018 that provides free training and capacity development programmes for SMEs in Uganda, including businesses that do not bank with Stanbic.
“We remain committed to supporting all our clients during this time. Together, let’s take action to ensure we keep each other safe and we do all we can to see businesses thrive now and in the future,” Juuko said.