Stanbic Bank has launched the second phase of the ‘Stanbic Entrepreneurship Challenge’ to support and inspire Tanzanian dreamers. The campaign will run from 1st June 2021, and 10 entrepreneurs will bag TZS 5 million each.
The first phase of the campaign was launched in May 2020, to celebrate the bank’s 25th anniversary in Tanzania. And in August 202, the bank handed over cheques for a total value of TZS 50 million to the five entrepreneurs who won the challenge. The winners were NovFeed, Pinok Company, Cirlex System, and Central Park Bees.
This year ‘Stanbic Entrepreneurship Challenge’ will be targeted at entrepreneurs who are working hard to fulfill their entrepreneurial ambitions through projects that have a social impact on health, education, environment, technology as well as food, and manufacturing.
Among the qualifying criteria, the prospective candidates must be based in Dar es Salaam, Mbeya, Arusha, Mwanza, Moshi, and Dodoma, and all entry instructions are available on the bank’s social media channels and website.
“We are proud to support and encourage the growth of small businesses which are at the heart of our economy. Entrepreneurs have always been game-changers and creators,” said Desideria Mwegelo, Head of Brand & Marketing, Stanbic Bank Tanzania.
“We are committed to giving Tanzanian dreamers the right tools to achieve their business aspirations through our tailored solutions such as Biashara Direct and with campaigns such as the Stanbic Entrepreneurship Challenge,” she added.
Tanzania’s SME sector accounts for 95% of all businesses in the country and is represented by about 35% of the country’s GDP; their stability and growth is crucial to the economy.
“I encourage entrepreneurs to submit their applications and make this the year of fulfilling their dreams – whether it is leaping to grow their business or simply to recover from any effect COVID-19 might have had on their business,” said Mwegelo.
Apart from funding, the ten finalists will gain access to financial advisory and mentorship and network with the bank’s corporate clients who are looking to partner with SMEs as part of their ecosystem.
Stanbic Bank Tanzania is part of the Standard Bank Group, Africa’s largest bank by assets.
Stanbic Bank Tanzania provides the full spectrum of financial services. Its Corporate & Investment Banking (CIB) division serves a wide range of requirements for banking, finance, trading, investment, risk management, and advisory services.
Corporate & Investment Banking delivers this comprehensive range of products and services relating to investment banking; global markets; and global transactional products and services.
Standard Bank’s corporate and investment banking expertise is focused on industry sectors that are most relevant to emerging markets. It has strong offerings in mining and metals; oil, gas, and renewables; power and infrastructure; agribusiness; telecommunications and media; and financial institutions.
Stanbic Bank Tanzania’s Personal and Business Banking unit (PBB) offers banking and other financial services to individuals and small-to-medium enterprises. PBB serves the increasing need among Africa’s small business and individual customers for banking products that can meet their shifting expectations and growing wealth.