Stanbic Bank Kenya has announced its intention to raise US$100 million to support startups and small and medium-sized enterprises (SMEs) in East Africa. The funds will be channeled through the bank’s Catalytic Fund, which aims to provide financial solutions to businesses that are often underserved by traditional banking institutions.
The initiative is part of Stanbic Bank Kenya’s broader strategy to foster innovation and entrepreneurship in the region. By offering targeted financing options, the bank seeks to empower startups and SMEs to scale their operations, create jobs, and contribute to the economic development of East Africa.
The Catalytic Fund will focus on sectors with high growth potential, including technology, agriculture, and renewable energy. Stanbic Bank Kenya plans to collaborate with various stakeholders, including development finance institutions and impact investors, to mobilize the required capital.
This move aligns with the bank’s commitment to promoting sustainable development and supporting initiatives that drive economic inclusion. Stanbic Bank Kenya’s efforts are expected to enhance access to finance for startups and SMEs, thereby stimulating innovation and entrepreneurship in the region.
Read more on Tech Gist Africa:
Sun King Secures $156 Million to Expand Clean Energy Kenyans
BasiGo, a Kenyan startup, has raised $41.5 million in a series A funding round
Chpter, a social commerce startup in Kenya, has raised $1.2 million in pre-seed capital
