Stanbic Bank has established a financial fitness academy aimed at equipping Small to Medium Enterprises (SMEs) with the requisite skills to handle their finances and grow their businesses.
The financial fitness academy will be an annual event that will equip entrepreneurs with the relevant skills that will see them grow their business while compliant with the financial inclusion requirements in line with the National Financial Inclusion Strategy II, 2022- 2026 (NFIS II).
Stanbic Bank’s Head of Enterprise Banking, Auxilia Kambasha said the financial fitness academy will be in the form of training workshops countrywide through which customers are equipped with financial modelling to assist them in drawing up financial statements and tax compliance requirements, among other administrative and governance procedures. Said Kambasha:
The overarching goal of the bank is to partner with our clients for growth. We are offering the training so that our clients develop and grow their businesses as they would have been equipped with financial basics that will assist them in making the right decisions.
The financial fitness academy will equip entrepreneurs with relevant skills that are critical and sustainable in achieving the growth of their business while being compliant.
She said the first series of the training workshops recently kicked off in Gweru, Kwekwe and Chegutu.
Kambasha said that investing in critical skills in the promotion of SMEs will result in ripple effects in the growth of the economy which is the thrust of NFIS II.
Financial inclusion is on the rise globally and continues to be a key enabler in wealth creation, poverty reduction, and improving the livelihoods of people in low-income groups.
Kambasha said Stanbic Bank is inspired by the quest to bring people and institutions together and maximise their interconnectedness for mutual benefit. She said:
Stanbic Bank is aware that SMEs play a pivotal role in driving both developing and developed economies, contributing significantly to poverty reduction, employment creation, value addition, and economic resilience.
As Stanbic Bank we believe that developing economies must prioritise financial literacy, access to financial products and supporting frameworks that ensure holistic growth and development.
To that end, the Standard Bank Group subsidiary is committed to equipping SMEs with the key growth drivers on the back of the knowledge.
Key factors that promote inclusion for SMEs include the cost of products and services; the complexity of financial products and services and the treatment received from service providers during the attempted access. Said Kambasha:
As Stanbic Bank Zimbabwe Enterprise Banking, we are eager to train our customers in financial modelling to assist them in drawing up financial statements and tax compliance requirements, so that every business small or big moves together ushering in an era of development, poverty alleviation and resilience.
Our vision is “to achieve universal access and usage of a broad range of quality and affordable financial services that meet the needs of both individuals and enterprises.
Kambasha said Stanbic Bank wants to ensure that every segment of Zimbabwean society has access to basic financial services irrespective of social or economic status, gender, or level of education.
She said access to, and usage of a broad range of quality and affordable financial products and services would open up opportunities for better livelihoods.
It provides a platform for low-income populations with the mechanisms to borrow, save and invest, and make payments. Further, it enables them to plan ahead and better manage their finances. Kambasha said:
Our financial fitness model provides a framework that will lead to the development of a stable, resilient, competitive, and inclusive financial sector that contributes to economic growth and broad-based wealth creation.
She added that Stanbic Bank understands that it has a role to play and is committed to actively working toward the attainment of enabling growth of SMEs.
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