Stanbic Bank Zambia has pledged its support for the nation’s local suppliers and has committed to working closely with them to harness and realise business opportunities in order to achieve their business goals.
Speaking at a suppliers’ cocktail this week, called for professionalism among suppliers in meeting their contractual obligation by providing high quality goods and services to the bank’s clients.
The bank is keen to develop long-term partnerships with its suppliers by creating an environment which is beneficial to both Stanbic and its suppliers.
Mr Mudiwa said that in Africa, Standard Bank Group, of which Stanbic is a member, employs 55,000 people, in 20 countries in Africa, and this presents opportunities’ for local suppliers to tap into its regional and global network to supply goods and services outside of Zambia’s borders.
“We are part of the Standard Bank Group which is the largest bank in Africa, whether you measure it by balance sheet, by assets, by liabilities, by profits. And that also makes us the biggest bank in Zambia. Therefore, we are quite proud of our African heritage. We have been in Africa for over 150 years, and in Zambia for close to 60 year,” he said.
Stanbic is also playing a more active role in providing access to finance for local suppliers, thereby increasing their capacity to fulfil contractual obligations to supply projects and thus creating more opportunities for investment that will ultimately result in more employment generation as well as spill over economic benefits to the community.
He added that apart from providing access to finance, Stanbic also provides requisite expertise to all its suppliers in order to manage risks effectively, and provide them an opportunity to grow their investments.
“Stanbic remains committed to providing solutions to some of the financing challenges that various sectors of the economy are facing in obtaining long-term funding, and ultimately towards facilitating growth in the and development in sectors such as mining, agriculture, education, construction, health and so on,” said Mr Mudiwa.
The recently-launched Construction Banking programme is another demonstration of Stanbic’s commitment, as the bank hopes to make a significant contribution to the growth of the local construction sector as well as infrastructure development in the country.
The bank’s investments in the Zambian economy have included well over US$135 million and US$575 million in infrastructure development and energy respectively over a period of 18 months as well as the raising and funding in excess of US$3bn worth of projects across the mining spectrum in Zambia from copper, cobalt, uranium and gold to lime manufacturing.