Stanbic Bank partners KNCCI to provide financial and non-financial support to MSMEs

KENYA – Stanbic Bank Kenya and the Kenya National Chamber of Commerce and Industry (KNCCI) have signed a partnership to provide financial and non-financial support to Micro, Small and Medium Enterprises (MSMEs). The partnership targets SMEs that are members of KNCCI. The Memorandum of Understanding (MoU) between the two entities was signed at the Busia Youth Polytechnic Ground on the…

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Stanbic Bank secures US$8.68m from AGF to support SMEs across the country

KENYA – Kenyan Small and Micro Enterprises (SMEs) are set to benefit from an KSh1 billion (US$8.68m) loan portfolio guarantee facility issued to Stanbic Bank Kenya by the African Guarantee Fund (AGF). The facility which targets women-owned businesses, as well as those in the sustainable energy sector is expected to impact thousands of SMEs across the country in the next…

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CMC Group partners Stanbic Bank to enable access to financing solutions for Ford vehicles

KENYA – The Cooper Motor Corporation (CMC) group has entered a partnership with Stanbic Bank to launch Ford Finance aimed at enabling clients to access flexible financing solutions for Ford vehicles in Kenya. The partnership will see the Ford Motor Company, CMC Motors Group Limited, Stanbic Bank Kenya and Standard Bank of South Africa, come together to enable clients within…

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Stanbic Bank Uganda launches US$100m Sacco fund to transform rural communities

UGANDA – Stanbic Bank Uganda Limited has launched a US$100 million savings and credit cooperative (Sacco) fund aimed at transforming the rural communities of Uganda. Under the new product, Saccos shall get unsecured loans of up to USh200 million (US$55,827) for first-time borrowers and USh400 million (US$111,655) for repeat borrowers with a satisfactory repayment history. General-purpose Saccos shall access the…

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Ugandan fintech Asaak raises US$30m to support taxi operators acquire motorbikes, smartphones

UGANDA – Ugandan asset financing startup, has secured US$30 million in pre-Series A equity and debt funding. The round saw the participation of new and existing investors including Resolute Ventures, Social Capital, HOF Capital, Founders Factory Africa, End Poverty Make Trillions, Decentralized VC and a number of angel investors. Asaak offers motorbike financing to operators, who are often locked out…

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Acorn Holdings sees oversubscription of final tranche of its Green Bond

KENYA – Property developer Acorn Holdings Limited has closed the final tranche of its Medium-Term Green Note Programme under which the first Green Bond was launched. In a statement, the company says the bond has raised KSh2.096 billion (US$19.4 million) against a target of KSh1.438 billion (US$13.3 million) representing a subscription rate of 146 percent. The green bond was launched…

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Stanbic reaffirms its commitment to Uganda on oil and gas financing

UGANDA – Stanbic Bank has revealed that it will give capital for oil and gas developments in Uganda amidst growing opposition against fossil fuels including oil and gas in favour of renewable energy. Stanbic, part of Standard Bank Group says it can offer up US$70 million to a single company investing in the oil and gas sector in Uganda. The Bank’s…

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Standard Bank granted more time to buy Stanbic Bank Kenya shares

KENYA – Standard Bank of South Africa has been given more time to buy an additional 14.8 million shares with a current market value of US$10.95 million in its Kenyan subsidiary Stanbic Holdings . The multinational started accumulating more shares in the Nairobi Securities Exchange (NSE) listed firm in July 2018 and had raised its stake in the lender to 71.16…

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Joshua Tapambgwa steps down as Stanbic Bank Zimbabwe boss after 12 years at the helm

ZIMBABWE – Stanbic Bank Zimbabwe’s long-serving chief executive Joshua Tapambgwa has stepped down effective December 31, 2020 after 12 years at the helm. Stanbic Bank Zimbabwe, a subsidiary of the South African-headquartered banking group, Standard Bank, has been one of the few consistently performing banks in the Southern Africa country during economic upheavals. “Tapambgwa joined Stanbic Bank on September 1,…

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Stanbic bank shuts two more branches in Zimbabwe

ZIMBABWE – Stanbic Bank Zimbabwe says it is closing branches in Hwange and Westgate, Harare, in line with its digitisation strategy. Early this year Stanbic discontinued operations at two branches in Zimbabwe. “In line with this digitisation journey, Stanbic Bank is set to discontinue its physical operations at Hwange and Westgate branches with effect from December 31, 2020,” the bank…

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