Standard Chartered works to boost business in Africa
BUSINESS| July 9, 2012, 9:21 a.m.
Standard Chartered Bank has encouraged South Korean companies to advance into Africa, as the bank grows its support of business on the continent.
Standard Chartered reports that more than 90% of its income and profits are derived from Asia, Africa and the Middle East.
The bank has 170 branches in 16 African countries, and is bringing to market new offerings designed to meet the needs of small and medium enterprises in Africa.
The bank last week announced new services for SMEs in Ghana and Nigeria, among others. The services include SME centres, dedicated hotlines and access to the bank’s global online platform Straight2Bank.
Speaking in Lagos, the bank’s Global Head, SME Banking, Tim Hinton, noted that as mass employers of labour and great contributors to the country’s Gross Domestic Product (GDP), small businesses cannot be neglected; rather, efforts to mitigate risks must be made in order to enhance their sustainability.
In addition, the bank has called on South Korean companies to venture into Africa. Richard Hill, president and CEO of Standard Chartered Korea and Standard Chartered Bank Korea, told businessmen that the bank has already helped several Korean companies advancing into Africa, including Hyundai Engineering which won the bid for the world’s biggest geothermal plant project in Kenya.
Standard Chartered was also recently appointed as the sole arranger for the IFC Pan-African Debt Medium Term Note Program, which will increase the availability of local-currency financing for private sector development in Africa.
Standard Chartered CEO Peter Sands said: “Standard Chartered shares IFC’s commitment to supporting the development of local capital markets in Africa, which has been a core part of our business for nearly 150 years."
MORE BUSINESS NEWS
Collymore: PPP transparency to fuel Africa’s renaissanceAfrica’s renaissance will be fueled by transparent partnerships between governments and private businesses working to improve the livelihoods of the continent’s population, Safaricom CEO Bob Collymore has predicted. Read More
Lack of technology bane of Nigeria’s SMEs, says Matt O’Bell chiefAside financial constraints, the non-application of technology has been identified as one of the constraints of small and medium enterprises (SMEs) in Nigeria. Read More
Telecom M&A and digital convergence to lead deal activity in AfricaTMT Finance is teaming up with IHS Towers, the largest mobile telecommunications infrastructure provider in Africa, Europe and the Middle East, to bring an international audience to Africa’s technology hub, Lagos, for the first event of its kind in Nigeria. Read More
Reach for Change Africa calls for strengthened social entrepreneurshipReach for Change Africa is calling on social entrepreneurs, NGOs and government to play their role in strengthening the social entrepreneurship sector in Africa on International Day of Youth 2016. Read More
Stanford Seed Entrepreneurs join top Silicon Valley business leaders at Global SummitAfolabi Abiodun, CEO of Nigeria-based telecommunications company SB Telecoms, couldn’t quite believe his eyes as he stood on Stanford University’s bustling Silicon Valley campus recently. Read More
Etisalat, YuuZoo launch e-commerce portal for SMEsNigeria’s most SME-friendly telecommunications operator, Etisalat, in partnership with Singapore’s YuuZoo Corp, has unveiled a bespoke e-commerce platform, SME Arena, to facilitate the growth of Small and Medium Enterprises (SMEs) in Nigeria. Read More
Mstore plans $50m African expansionMidcom Group has announced expansion plans aimed at making its Mstore the largest mobile and electronics retailer in Africa. Read More
*astTECS Expands Operations in Africa*astTECS, a leading provider of Enterprise Telecom Technology Products and Asterisk based Open Source Communication Solution, is expanding its Africa footprint with a presence in Ghana and Botswana. Read More
The Tech Revolution: Sage Sets out the Vision for African BusinessesSage, a market leader in cloud accounting software used its global Sage Summit 2016, held this week in Chicago, to outline its strong commitment to future technologies, with a focus on new and existing initiatives that power business growth. Read More
FEATURED STORYFinancial services sees AI as both opportunity and threat
Banking is already a key area where technology is having an impact throughout Africa, and a new survey assesses the impact artificial intelligence will have on this sector.
BEST READ NEWS
IN DEPTHAccess and Use of ICT stats released
Statistics Botswana has released the first results of the 2014 Information and Communication Technology Household Survey.
COMPANY NEWSTigo explores options to give customers a greater choice for 4G services in Ghana
Following her recent visit to Ghana, Cynthia Gordon, the CEO of Millicom Africa, has emphasized the remarkable growth opportunities in data and Tigo’s commitment to giving customers ...