Standard Chartered stakes over K1.5m for women businesses

As six women entrepreneurs receive $60,000 through the Bank’s Women in Tech programme

Standard Chartered Bank has announced the winners for Cohort Four of the SC Women in Technology Incubator Programme (SC WIT). The six women-owned businesses that emerged victorious in Cohort 4 are walking away with $60,000 seed funding after an intense and robust training programme. Each winning business will get $10,000.

The SC WIT Incubator Programme is designed to identify, develop, and support women-led businesses in the technology sector. Through the incubator programme, participants receive training, mentorship, and access to resources to help them scale their businesses and drive innovation.

Speaking at the awards and graduation event, Standard Chartered Bank CEO, Sonny Zulu stated that the SC WIT programme is part of the Bank’s bold and ambitious stand to lift the participation of women and Small Medium Enterprises (SMEs) in the economy to build more sustainable communities.

“The SC WIT programme is part of our broader global initiative – Futuremakers by Standard Chartered – to tackle social and economic inequality by promoting greater economic inclusion. When we launched SC WIT in November 2020, we were responding to the call for the much-needed support for small and medium enterprises who are now increasingly playing a critical role in growing the country’s economy.  This initiative equally supports government’s efforts to grow SMEs as evidenced by the formation of the Ministry of Small and Medium Enterprises Development,” Mr Zulu said.

The Standard Chartered CEO revealed that it has grown the number of winners this year. Now, six women owned businesses from cohort 4 will receive $60,000 from the Bank as seed capital. “It is a proud moment for us at Standard Chartered, as we witness the success and further development of the programme. We are very proud that this year, we have increased the number of winners from 5 to 6. Therefore, 6 Zambian female-owned businesses will emerge victorious this year. We have invested over K10m into WiT over the last 4 years and this investment is testament to the Bank’s aspiration to lift the participation of Zambian women in our economy,” he explained.

Mr Zulu highlighted that SC WIT Cohort 4 had businesses from a diverse range of sectors including health, agriculture, farming technologies, health, logistics and food, amongst many others. “It is exciting to see women led business in various sectors embracing technology and innovation. As a bank we are passionate about technology ourselves, we have led the way by launching Zambia’s first-ever end-to-end digital bank which now provides our clients with access to over 70 banking services at the click of a button at their own convenience,” he said.

Speaking at the same event, BongoHive Executive Director, Lukonga Lindunda noted that, “SMEs account for over 80% of employment across Africa and The World Economic Forum (WEF), highlights that women make up 58% of Africa’s self-employed population, contributing around 13% of Africa’s total GDP.

Therefore, we see that the contribution of female-led businesses to Africa’s economy is undeniable and calls for concerted efforts, especially in the areas of financing and mentorship for them to thrive in a growing and often highly competitive business landscape.

As BongoHive, we look forward to a continued partnership with Standard Chartered Bank to work together in ensuring that female entrepreneurs in Zambia are availed the support they need for them to grow their businesses and contribute to national development through job creation.”

 

And Minister of Small Medium & Enterprises Development, Honourable Elias Mubanga, congratulated Standard Chartered for their continued commitment to empower Zambian women entrepreneurs and providing them with the tools and funding needed to succeed.

“I am delighted to be part of the Women in Tech Cohort 4 graduation event and proud that so many Zambian women entrepreneurs continue to benefit from this great programme by Standard Chartered Bank. As a Government, SMEs are at the heart and are the pulse of our economy – that is why it is very important that they are supported by both government as well as the private sector,” said Mubanga. 

Mr Mubanga added that government remains firmly committed to empowering SMEs, especially those owned by Zambian women. He thanked Standard Chartered for their continued commitment and dedication to the cause of SMEs in Zambia.