This archive report was first published on 14 November 2019.
Published on November 14, 2019, Standard Chartered Bank has made a significant investment in Kenya's economy by lending KSh6.3 billion to Micro, Small and Medium enterprises (SMEs) in 9 months to September 2019.
The bank's Chief Executive Officer, Mr. Kariuki Ngari, emphasized the importance of SMEs to the economy, stating that the bank has strengthened its business model to cater to small businesses that contribute immensely to the country's Gross Domestic Product (GDP).
Ngari welcomed the repeal of the interest rate cap, saying it allows market forces to determine interest rates and price risk appropriately. He also reassured clients that they will not see a spike in interest rates, citing the bank's realignment of its business model and investment in technology to derive efficiencies.
Standard Chartered Bank has supported over 8,000 SMEs through its lending, and the bank plans to roll out a fully-fledged risk-based pricing model for new facilities, which will be announced in due course.
