Stanbic IBTC, EDC build capacity for agri-business enterprises

Further to its commitment to help stimulate and grow a strong and viable small and medium scale enterprises sector in Nigeria, Stanbic IBTC Bank PLC, a member of Stanbic IBTC Holdings PLC, is partnering with the Enterprise Development Center (EDC), Lagos Business School, to host a capacity building series tagged Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS) capacity training, which is targeted specifically at the agribusiness enterprises ecosystem in the country.

The Bank, renowned for its support for the Small and Medium Scale Enterprises (SME) sector, announced that its AGSMEIS capacity training will commence on Tuesday, 26 February 2019 and end on Wednesday, 06 March 2019. It also offers a wide array of banking solutions as well as funding, skills acquisition and other support to the SME sector.

The Agri-Business Small and Medium Enterprises Investment Scheme is an initiative of the Bankers’ Committee to provide support to and complement the Federal Government’s efforts at promoting Agri-businesses/Small and Medium Enterprises as a vehicle for sustainable economic development and employment generation.

The scheme essentially addresses capacity building, technical assistance to Micro, Small and Medium Enterprises (MSMEs) and their funding challenges through Participating Financial Institutions (PFIs).

Head, Enterprise Banking, Stanbic IBTC Bank PLC, Ayodele Ojosipe, reiterated the Bank’s commitment to providing the right support and solutions for individuals and businesses to achieve their goals. “Stanbic IBTC’s commitment to building capacity among enterprises stems from its deep understanding of the important role enterprises play in providing linkages to industries, employment generation and driving growth of the economy,” he stated.

“The seminar course content will include essential topics such as Understanding your Market (Competition Analysis, Marketing Plan, Segmentation); Operation and Business Model; Business Plan (Template review and Development); and Understanding the AGSMEIS Application Process Pitching Activity,” Ojosipe said.

He said Stanbic IBTC Bank boasts of highly trained and motivated staff with the requisite expertise in enterprise financing and support.

The AGSMEIS initiative requires all deposit money banks to set aside 5% of their annual profit after tax (PAT); and as of December 2017, about N26bn had been accrued from all deposit money banks for the scheme. The fund is domiciled with the Central Bank of Nigeria and applicants are expected to be trained and certified by any of the CBN approved Entrepreneurial Development Centres which include the Lagos Business School, House of Tara, Fate Foundation, Thrive Agric and others to access the loan.

Head of Business Banking at Stanbic IBTC Bank PLC, Remy Osuagwu, reaffirmed the Bank’s commitment to supporting enterprises. According to Osuagwu, “Our key mandate of financial intermediation ensures that we are mindful of providing the right support and solutions for individuals and businesses to achieve their goals and this workshop represents another opportunity for Stanbic IBTC Bank to help develop and sharpen participants’ business skills.”

As part of its support for small and medium scale enterprises, Stanbic IBTC regularly organizes trainings for enterprise operators. Among other benefits, the trainings seek to equip enterprise operators with financial, marketing, and management skills that they can readily apply to transform their businesses to grow their bottom lines and ensure business continuity.