Against the backdrop of the extraordinary circumstances faced by the global community as a result of the Coronavirus pandemic, Stanbic Bank unveiled its new tag line, ‘It Can Be’ and new brand promise ‘finding new ways to make dreams possible,’ inspiring hope and a brighter future for Tanzanians to realize their dreams.
This new brand promise comes at an opportune time with over TZS 37 billion debt relief having been extended in the form of payment holidays to the bank’s customers to help them cope with the business challenges resulting from the COVID-19 pandemic.
In this interview Stanbic Bank Chief Executive, Kevin Wingfield discusses the new campaign and what is in store for its clients and stakeholders.
Can you elaborate on what customers can expect from the bank with this new brand promise?
At a national level, this is an exciting and pivotal moment for Tanzania having recently attained lower middle-income economic status and as the government continues to invest in large infrastructure in priority sectors such as power, transport and water to enable industrialization and improved livelihoods for our people.
With over 150 years’ experience on the continent, Stanbic Bank has the pedigree, expertise and a unique understanding of what it takes to empower economic growth. “It Can Be” reinforces what we stand for as a bank.
We consider ourselves partners with our clients by providing financial advisory and tailored solutions, inspiring and supporting them to take new uncharted paths to realise their dreams by being bold and innovative, more curious and responsive in their business as well as addressing the challenges surrounding their communities.
By way of example, earlier this year, Stanbic Bank rolled out an entrepreneur challenge to empower and support the bold dreams held by entrepreneurs.
What role can entrepreneurs play in economic development and how is the bank helping them?
Currently, 95% of businesses in Tanzania are Small and Medium Enterprises (SMEs), and they represent approximately 35% of the country’s GDP. Entrepreneurs are more agile than many traditional businesses, therefore, they can deliver relevant solutions to the challenges facing their
Additionally, with about two-thirds of the population being under 35, the youth segment is an opportunity to nurture the entrepreneurial spirit.
I am delighted that our entrepreneur campaign provided us with a lot of insights in this area. We received over 600 high-quality applications and shortlisted 5 social enterprises that are providing solutions in education, technology, environment, food & manufacturing and health and wellness.
As a Bank, we will continue to address the specific needs of entrepreneurs through our responsive, innovative, convenient and secure solutions that aim to improve the efficiency of their operations.
We are invested in empowering the financial success of our customers and want to be the anchor that uplifts SMEs helping them achieve their dreams and goals.
How does Stanbic Bank continue to contribute to the development of the Tanzanian economy?
Through our corporate banking offerings, we are keen to continue partnering with corporations, and the government to raise their desired financial capital required for achieving their various strategic objectives.
We also strongly believe that through technology and innovation we can provide sustainable access to financial services for all economic activities, a move that is critical for economic development and growth.
SME’s are and will continue to be a core driver of growth in the economy. We will look to continue and increase our focus on and support of SME growth and development.
In the spirit of ‘It Can Be’, what future do you envision for Tanzania and how does Stanbic plan to support it?
Africa is endowed with vast natural resources and abundant human capital. In spite of the current global health crisis and forecasted contraction in global and regional economic growth, I am optimistic about the future of the continent and in particular Tanzania.
We can utilize the learning from the pandemic to establish Africa focused trade policies through the African Continental Free Trade Area (AFcTa) as well as regional blocs leveraging on the competitive advantages in respective countries.
The presence of effective trade finance is pivotal in achieving trade development and Stanbic can combine its in-depth knowledge of commodity sectors with our regional and in-country expertise to develop innovative and integrated financial solutions tailored to customer needs.
As a Bank we will work collaboratively across all our markets in Africa to create an environment that allows people in Africa to do business within and between countries – as well as for people across the world to do business with Africa. Africa is our home, we drive her growth.