Stanbic Zambia no longer views MNOs as competitors but looks at them as extensions of its business, Global Markets Head Victor Chileshe told delegates at the first ever National Economic Summit dubbed The Future of Economic Diplomacy – Achieving Inclusive Growth and Sustainable Development held in Livingstone.
Mr. Chileshe advised the audience on the thin line between what the bank views as financing and the MNOs view as diversification.
Stanbic Bank offers a a wide range of product tailored to the SMEs such as Tamanga and continues to leverage off information asymmetries through linkages created through products such as the Anakazi who deal with other.
The Bank is a strong advocate of financial inclusion and continues to navigate the unbanked market landscape to offer USSD dial option for areas where internet may not be accessible and internet banking in areas where internet coverage is available.
Mr. Chileshe also acknowledged that the International Finance Corporation – IFC extended a $15 million credit line to the bank for SME financing. This route Stanbic took because of liquidity concerns in the Zambian market however the IFC line provides for longer term financing which the local markets ideally cannot provide. The credit line will be used to fund growth sectors with 25% skew minimum towards women.
