Standard Chartered launches Africa SME Month

Kampala, Tuesday 2nd September, 2008 – Standard Chartered announced today that it has launched an ‘Africa SME month’ in its African markets.

‘Africa SME month’ will be run throughout September. Standard Chartered’s SME business teams will launch several new products and services, exclusively to its customers in Africa. The Bank 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. Standard Chartered’s Africa SME Month will provide a platform to launch new products and services to its SME customers in Africa.

Richard Wright, Head of SME Africa, said:

‘Our Africa SME Month is an exciting initiative. The roll out of these new products during September will enable us to significantly enhance our service to our SME customers in Uganda to further assist their growing businesses.
The Bank differentiates its Brand in Africa through its ability to leverage its international expertise to introduce new, innovative products and services into its African markets. The launch of our Africa SME Month is yet another example of this competitive advantage.’

Standard Chartered’s success in its SME Africa proposition has been achieved through rigorously pursuing its strategy of launching new, innovative and increasingly top of the range products, including SME Express Trade and SME Business Credit accounts.

Mr. Herman Kasekende, Head of Consumer Banking said:

“In Uganda, the Bank has launched a number of equally innovative and sophisticated products in response to feedback from SME customers for more value-added and sophisticated products and services”.

These include:

The SME Business Credit – launched in August - tailor - made for SME customers who own property which ties up their potential business capital or funds that would otherwise boost their business operations. This product unlocks the value of that property to enable customers utilise this value without selling off the property.
International Trade Account (ITA) for business people involved in trade – whether import, export or local trade. The International Trade Account gives local business owners better pricing on trade services such as letters of credit and import loans. In addition, with an International Trade Account, telegraphic transfers cost less.
Non Resident Account for businesses resident in Uganda but with trade links with partners in the Middle East and/or Dubai. The customer’s account in opened in Uganda, and they are introduced to their relationship manager in Dubai.
Working Capital financing for businesses involved in both local and international trade, and provides them with overdrafts and short term loans.
Share the Bank’s HIV Workplace Policy and Practices with SMEs, by migrating the Bank’s best practice and enhancing knowledge about HIV/AIDS among our customers.
The Bank has also opened a full-fledged branch and SME Centre in Kikuubo together with 2 other branches in Ntinda and Gulu and a total of 15 ATMs across Kampala. And has improved transactional convenience with the launch of E – Statements and 48- hour Service Guarantee for our SME Segments customers.

Standard Chartered’s strategic focus on SMEs in Africa will again be highlighted at the end of the year, with the Bank set to sponsor an estimated 200 SME customers at the annual Hong Kong Trade Fair in December. In 2007, the Bank assisted 143 (13 from Uganda) of its SME customers in attending the event as part of its ‘SME Trade Corridor’ Initiative. Following that success, the Bank will be repeating its commitment this year.

The other important aspect of the ‘SME Trade Corridor’ Initiative is to provide customers with the ability to open accounts in multiple countries away from their home market, and manage all of their accounts through a single internet banking platform- Straight-to-Bank- allowing customers to access international markets and providing them with unmatched access and control over their finances.

For more information, please contact:

Herbert Zake
Head of Corporate Affairs, Standard Chartered Bank Uganda Limited
Tel: 041 258211-7/ Extension 4283 Mobile: 071 2 760290
Direct telephone lines: +256 414 348775 or +256 312 294283
Email: Herbert.Zake@ug.standardchartered.com