Blog

Silicon Valley, CA, 2 February 23

Asante Africa Foundation and Stanbic Bank together with its Foundation have signed a Memorandum of Understanding (MoU) aimed at availing affordable financing and mentorship to young, small business enterprise owners. This partnership will empower young people, women, and differently abled people running Micro and Small Enterprises (MSEs).

The partnership between Asante Africa and Stanbic Bank through its Foundation is part of the latter’s investment into society, guided by their social, economic, and environmental (SEE) agenda. Speaking during the MoU signing ceremony, Pauline Mbayah, Head of the Stanbic Kenya Foundation, said, “At Stanbic, we are led by our purpose that Kenya is our home; we drive her growth across Kenya. By partnering with Asante Africa, we drive our investment further into special interest groups that play a key role in the growth of our country. Asante Africa is a critical part of filling the eligible youth in the pipeline, and we continue the journey with the business owners by offering 360-degree support. This enables both organizations working together to achieve significant milestones in education, job creation and enterprise development.”

Through this partnership, Asante Africa offers young business participants training on digital skills, financial literacy, entrepreneurship skills, and how to access their market. Stanbic Bank contributes a focus on the regional market, enabling entrepreneurs to learn how to take advantage of the various trade partnerships, including the East Africa Community trade partnerships, the African Free Trade Agreement – AfCFTA, UK Economic Partnership agreement, among others.

“This partnership is a substantial way forward because Stanbic Bank and its foundation are industry leaders with banking expertise, and broad African geographical reach. Having one lending institution with East Africa regional offerings to meet the needs of our qualified youth was a critical element for Asante Africa and its investors. This partnership is a major achievement,” said Erna Grasz, the CEO of Asante Africa Foundation.

Ms. Grasz expounded on the significance of the partnership in accelerating economic growth through youth opportunities becoming realities. She added, “This long-term collaboration has created a financial pathway for thousands of rural youth who have historically been overlooked and left behind.  This pathway provides tools for strengthening their confidence, competence, and loan management savviness to grow their businesses and stimulate local economies. This is a very important enabler for young entrepreneurs.”

Stanbic Bank, through its Foundation, aims to achieve its Social, Economic and Environmental (SEE) targets through strategic partnerships. Stanbic Bank Foundation is catalyzing the growth of MSMEs in Kenya by providing interventions that improve their business competitiveness, provide access to affordable finance, provide access to markets and expose them to the use of digital technologies through partnerships with the National Government via the Ministry of Trade and Industry and its related agencies.

For more information, please contact:

USA: Ann Claire Gaydos, Press & Corporate Communications

Email: Acgaydos@asanteafrica.org | phone: visit https://asanteafrica.org/contact-us

EAST AFRICA: Paul Mwiti, Global Director of Finance

Email: pmwiti@asanteafrica.org | phone: visit https://asanteafrica.org/contact-us

Issued by: Sunwest PR

On behalf of: Asante Africa Foundation