COVID-19: Stanbic bank launches Business Hub for struggling entrepreneurs

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To provide the much-needed information and solutions for Ugandan entrepreneurs struggling with the financial consequences of the pandemic, Stanbic Bank has partnered with ConsumerCentriX on the Covid-19 Business Info Hub.

The hub will provide entrepreneurs advice on financial management to overcome an economic slowdown and insights into new developments across industries. Through a partnership with the African Management Institute, the Covid-19 Business Info Hub will promote informative virtual training sessions and webinars to help entrepreneurs navigate these challenging new circumstances.

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Employing over 2.5 million people, small and medium enterprises (SMEs) are the key driver of growth for Uganda’s economy. However, as the COVID 19 pandemic unfolds, the SME sector faces reduced business activity and financial security as a result of disruptions to the supply chain, travel restrictions, and changing work environments.

Over the last few months, Stanbic Bank has already introduced a range of innovative products and services to support entrepreneurs with overcoming these challenges. For example, to address reduced revenues and cash flow, clients can now access an unsecured overdraft facility within 24 hours based on the performance of their banking history. To reduce disruptions in the supply chain, has partnered with Zhejiang International Trading Supply Chain Co Ltd to support enterprise clients importing from China.

Stanbic Uganda’s Head of Personal and Business Banking Grace Muliisa said, “We are aware of various the challenges businesses are facing especially during this time, and we are committed to unlocking new solutions to enable business continuity. Among the key initiatives Stanbic has put in place to support businesses is the loan repayment holidays, as a measure to protect clients from adverse economic effects of the COVID-19 pandemic. We will also continue to be at the forefront of delivering wholesome solutions to entrepreneurs directly through strategic alliances and partnerships to keep them thriving during and post the pandemic.”

ConsumerCentriX is an international strategy consulting firm that works with financial service providers and policymakers on translating consumer insights into market strategies and policies to reach the un/undeserved.

The firm has extensive experience supporting SME development in East Africa through financial and non-financial services.

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