Standard Chartered Kenya has announced a new suite of products for the Medium Enterprise segment. This is in response to increasing demand for more sophisticated needs from its clients.
The Bank plans to leverage its strong global network to serve its clients, tapping into enhance demand for trade across Africa, Middle East, Asia, and Europe. For decades, the SME segment has been considered a key driver of economic development across Africa. According to the World Bank, SMEs contribute to the growth of emerging economies, accounting for an estimated 95% of all registered businesses.
To maximize on the potential of this segment, Standard Chartered is making strides to address the major challenge for the segment, which is access to finance and global trade corridors. As economies across Kenya continue to expand and contribute more to economies, they require increased funding and enhanced access to financial solutions.
Commenting on the new products, Kariuki Ngari, Managing Director and CEO, Kenya and East Africa at Standard Chartered said, “Our purpose has always been to drive prosperity and commerce through our unique diversity and this is underpinned by our brand promise, here for good. Over the last century, we have helped Kenyan businesses access trade across our global network.”
Standard Chartered’s Medium Enterprise offering seeks to respond to these needs. This will aid in positioning the firm as a partner for companies that are making the transition from small businesses to a medium-sized enterprise.
On her part, Edith Chumba, Head of Consumer, Personal and Business Banking Kenya and East Africa, Standard Chartered said, “We have taken time to understand this rapidly growing sector and invested in the right people and solutions to support businesses as they transition into their next growth era. We have expanded the capability of our robust Straight2Bank online banking platform – with the aim of driving more commerce and convenience across the markets that we cover.”