Stanbic Bank holds 40,000 SME accounts
The second largest number of any commercial bank in the country. These businesses are the engine of growth for the economic development, innovation, wealth creation of Uganda. They are spread across all sectors with 49% in the service sector, 33% in the commerce and trade, 10% in manufacturing and 8% in other fields. Over 2.5 million people are employed in this sector, where they account for approximately 90% of the entire private sector, generating over 80% of manufacturing output contributing 20% of Uganda’s gross domestic product (GDP).
The bank provides these SME businesses with loans, overdrafts and credit facilities that help them purchase goods for sale, trade and grow their businesses. In a typical year the bank supports the SME sector with about 400 billion shillings in revolving credit.
[2.5M Employed in SMEs Sector 4,000 billion shillings in revolving credit]