Standard Chartered launches Business Instalment Loans
Introduce Business Club Concept to SMEs in Kumasi
Ghana, September 2008 – Standard Chartered has led the way in introducing its market-leading product – Business Instalment Loans as part of its commitment to focus on increasing market and profitability of its SME portfolio at a special Customer Appreciation Cocktail event under the distinguished patronage of the Manhyia Palace.
The event, which was held at the Miklin Hotel in Kumasi, brought together key stakeholders in the SME sector, the Media, Management and staff of the Bank.
Opening the ceremony, William Boateng, Head of SME for West Africa said: “Last year, Standard Chartered Bank organized an SME Trade Mission to the World SME Trade Mission in Hong for 143 SME customers including 13 from Ghana as part of the Bank’s SME Trade Corridor initiative. Let me proudly say that 8 out of the 13 were from Kumasi. This year Standard Chartered Bank has launched the Africa – UAE Trade Corridor. An estimated 200 SME customers across our markets in Africa including 75 from Ghana will have the opportunity to participate in the Hong Kong Trade Fair in December and in an additional event in Guangzhou, China. This development is a direct response to the success of the last year’s Trade Mission and the bank’s intention to increase the volume of SME trade between Africa.”
Nana Adu-Gyamfi, Adontenehene of Asanteman, who represented the Asantehene, Otumfuo Osei Tutu II, as the Guest of Honour, held the view that local home grown businesses remain key to the growth of Asanteman and the entire nation. This belief is based on the successes chalked in the great commercial hubs of Kejetia, Adum and Suame.
“We are happy to note that Standard Chartered Bank, a bank we have known for over 112 years is leading the way in growing local businesses. Let us all show good faith to each other and work toward turning Kumasi into the true economic powerhouse of West Africa.”
He also advised SME business to be diligent in paying back their loans and also introduce the necessary professional structures which will enable their businesses stand firm and grow.
Delivering the keynote address, Francis Mills-Robertson, Standard Chartered’s Executive Director for Consumer Banking said the Bank’s focus on SMEs is an acknowledgement of the role they play in helping economies to develop. Standard Chartered therefore remains focused on providing the Right Partner support to them.
“This year, across our markets in Africa, including Ghana, we have set aside the month of September to launch our SME Month initiative. This initiative will provide a platform for the Bank’s business teams to launch new products and services to our valued SME customers. Again, this year we have launched our customer-centric SME Business Club to provide business development service for you our clients. Business Development services are non-financial services concentrated on providing training, consultancy and other business advisory services to address the internal constraints of your business. As the premier bank in Ghana with a huge reputation for leading by example, we believe these new propositions will enable us to significantly enhance our service to our SME Clients and to further assist you grow your Business.”
Earlier in the day, staff of the Bank embarked upon a massive float through the great SME enclaves of Kumasi including Suame and Kejetia, which fuelled a massive sales drive by the Bank’s Relationship Managers and Direct Sales Representatives.
Standard Chartered believes that SMEs in Africa currently account for between 30-60% of GDP, predicting that SMEs will be a key driver of sustainable economic growth in Africa over the next 10 years. The Bank’s success in its SME Africa proposition has been achieved through rigorously pursuing its strategy of launching new, innovative and customer-centric products, including SME Express Trade, Business Instalment Loans among others.
For more information, please contact:
Nii Okai NunooArea Head of Corporate Affairs, West Africa
Tel: +233(0)21 669688 Fax: +233 (0) 21 661676
Nii-Okai.Nunoo@standardchartered.com