A leading financial services institution, Stanbic Bank, has adopted a growth strategy for the mining sector as it seeks to play a pivotal role in boosting the sector in line with Government targets.
Stanbic Bank CE, Solomon Nyanhongo told the Chamber of Mines dinner attendees that the institution was committed to finding lasting solutions toward consolidating growth drivers for the mining industry.
Nyanhongo said Stanbic’s core purpose was to champion Africa and in particular, Zimbabwe’s growth across key sectors including mining. ” Said Nyanhongo:
Our institution has adopted a growth strategy for the sector cognizant of the fact that mining alone provides over 70% foreign currency receipts for the country. The strategy is premised on the realization that we need foreign currency for our economy to assist the nation achieve its goal of a medium-income earning economy.
Stanbic Bank is well placed to play a key role in achieving the aforementioned targets on the back of the strength obtained from its parent company, Standard Bank Group. Standard Bank Group recently participated at the just ended Mining Indaba in South Africa and as Stanbic Bank we piggy-back on its expertise to contribute meaningfully towards national development.
He said given that the mining sector is targeting US$12 billion in annual revenue by 2023, Stanbic Bank is geared to provide solutions to assist its clients to attain this.
He also noted that Stanbic Bank already has a significant role to play in the market and contributed over US$ 20 million in 2021 alone.
Nyanhongo added that Stanbic Bank’s capabilities add value to the mining sector supported by the knowledge, experience and insights – of industry experts.
The institution has mining specialists at the Group level and locally as well who help continuously monitor clients’ business activities to proffer solutions relevant to them.
He noted that mining is subject to global market volatilities, and it is imperative to rely on experts with their fingers on the pulse, taking a long-term view, while consistently monitoring trends in international commodity prices. He added:
Over the 30 years that Stanbic Bank has operated in Zimbabwe, we have supported corporate entities and related ecosystem partners feeding into the sector. Some of the ways we have provided support is through expert advice to clients and also sponsorship of calendar events such as these, that bring together thought leaders in the industry.
Nyanhongo said as much as Stanbic supports the mining sector, there are challenges which need the input of all stakeholders to overcome.
He added that Stanbic Bank’s “significant investments” are part of the institution’s thrust to address challenges in the mining sector.