In a remarkable endeavor to bolster entrepreneurship and foster growth, Stanbic Bank Tanzania has successfully empowered around 100 entrepreneurs through a robust capacity-building program. The initiative, conducted under the Supplier Development Programme within the Stanbic Biashara Incubator, targets Medium and Small-sized Enterprises (MSMEs), equipping them with the skills and resources needed to actively engage in and compete for significant strategic projects.
The Supplier Development Programme, a flagship initiative of the Stanbic Biashara Incubator, has emerged as a dynamic platform that amplifies local content and enhances domestic enterprises. By enabling local companies to strengthen their capabilities, secure international contracts, and contribute to economic vitality, this program is not only driving economic activity but also nurturing a sense of accomplishment within the local business ecosystem. Recognizing the pivotal role played by MSMEs in propelling economies forward, Mr. Manzi Rwegasira, Chief Executive of Stanbic Bank Tanzania, highlighted the transformative potential of entrepreneurship during the graduation ceremony of the program's beneficiaries. He affirmed that by empowering these enterprises, the bank invests not only in the community's future but also triggers a far-reaching impact that spans across businesses, stimulates economic growth, generates employment prospects, and fortifies the economy's resilience. Mr. Rwegasira emphasized the significance of investing in MSMEs, noting that Stanbic Bank Tanzania's extensive network enables local businesses to access market opportunities beyond national borders. Notably, 52 percent of the graduates from the program were women-led and owned businesses, underscoring the bank's commitment to fostering gender-inclusive economic growth. Mr. Mussa Zungu, the Deputy Speaker of the Tanzania National Assembly, praised the empowerment initiative for its role in expanding markets, creating employment opportunities, and augmenting the involvement of small and medium-sized enterprises in strategic projects and investments. This, he stated, forms the bedrock for the nation's development.
Mr. Fredrick Max, Head of Business Unit at Stanbic Bank Tanzania, elucidated that the Biashara Incubator's framework is thoughtfully crafted to provide an extensive array of resources and services. These offerings are meticulously designed to accelerate the growth trajectory of participating companies. The overarching objective of the program is to introduce training initiatives and support mechanisms for SMEs in Tanzania. This support empowers them to adeptly manage, sustain, and expand their enterprises, consequently generating more local employment opportunities, augmenting employee incomes, and enhancing working conditions. One of the beneficiaries, Mr. Herry John, shared his success story, highlighting that the program not only provided invaluable training but also resulted in tangible business achievements.
Mr. John, the director of Ocean Link Shape Services, revealed that during the training, he secured a project worth a substantial 7 million US dollars. He recounted that with the guidance of the Stanbic team, he effectively navigated the complexities of compiling tender documents, eventually clinching the multimillion-dollar project.
Stanbic Bank Tanzania's commitment to fostering entrepreneurship and propelling local enterprises onto the global stage stands as a testament to its vision for a thriving and dynamic business landscape. Through such initiatives, the bank continues to contribute to Tanzania's economic growth, innovation, and sustainable development.