Stanbic IBTC partners FATE Foundation on SME development

Stanbic IBTC Bank Plc, a member of Standard Bank Group, is partnering FATE Foundation on the growth and development of Nigerias small and medium scale business sector.The bank, in a statement on Friday, said it recently co-sponsored the tenth edition of the FATE Foundation Alumni General Assembly Meeting, an entrepreneurship forum in Lagos.The Head, Personal Banking Distribution, Stanbic IBTC Bank, Mr. Tolu Oladipo, said the bank possessed proven expertise in helping indigenous companies expand their business capabilities and play stronger roles in stimulating Nigerias economic growth.Our commitment to the SME sector is well known across Africa, and we have a strategic promise to drive the growth of small and medium-sized companies in order to build a strong mid-market and corporate sector in the decades to come. We see great potential for growth in the Nigerian market, Oladipo said.On the issue of constraints to accessing funding for business development and expansion, Oladipo said the bank would continue to partner FATE Foundation on opportunities for individuals to set up businesses to grow the countrys economy.On his part, the founder and Chairman of FATE Foundation, Mr. Fola Adeola, listed discipline, planning, continued investment in people and sound corporate governance practices as prerequisites for surmounting challenges facing small and medium scale businesses in Nigeria.Oladipo said the bank was currently in talks with leading indigenous and international SME development associations to facilitate sustainable initiatives for small and medium scale businesses.He added, Stanbic IBTC aims to be the leading SME bank in Nigeria within the next few years, providing SMEs with appropriate tools that will help increase the sectors contribution to the countrys Gross Domestic Product.We operate as a financial supermarket, providing end-to-end banking services in Corporate and Investment Banking, Personal and Business Banking, as well as Wealth Management.
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