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STANBIC
Stanbic Bank stands tall as a distinguished Pan-African financial institution, boasting a remarkable heritage and commanding influence across diverse markets. As an integral member of the Standard Bank Group, renowned as one of Africa’s foremost financial services organisations,
Stanbic extends its operations in more than 20 countries in sub-Saharan Africa, including Kenya.
The history of the bank dates back to 1862 when it was originally founded as the Bank of British South Africa. Over the years, it went through several mergers and acquisitions, eventually becoming a member of the Standard Bank Group in 1969. Today, Stanbic is the sixth largest bank in Kenya by assets, offering a wide range of corporate, commercial, investment and retail banking services to its customers. Stanbic, driven by its resolute commitment to customer obsession, proudly presents the highly regarded annual Stanbic Yetu Festival concert.
This year’s extravaganza took place in June 2023 at the picturesque Uhuru Gardens in Nairobi. Showcasing a stellar lineup that included the renowned American RnB band Boyz II Men and the beloved Kenyan group Sauti Sol, the VVIP tickets for this exceptional experience, premium priced at Kes 30,000, sold out within a remarkable time of 72 hours.
Lilian Onyach, Head of Consumer and High Networth at Stanbic, suggests that the goal of this annual event is to curate an event that evokes awe-inspiring and unforgettable emotions. To achieve this, it is important to infuse the occasion with an element of luxury. Such a lavish affair has the power to captivate audiences and generate significant buzz, thereby solidifying Stanbic’s reputation as a distinguished institution that stands head and shoulders above the competition.
In an interview concerning this year’s edition, Ms Onyach shared her vision for the ideal experience worthy of high net worth and affluent consumers. This includes a five-course menu with options of champagne or whisky, along with a reserved parking slot near the arena. She also emphasised the importance of strategically placing tables to facilitate easy identification and personalised service, complete with the best view of the podium and ample dancing space devoid of overcrowding. All these attention to details create an immersive VVIP ambiance.
For Stanbic, the focal point of the concert is positioning its brand by appealing to its consumers, while also establishing it as a go-to in the creative industry: a win-win situation. Lilian further explained that in addition to the audience, Stanbic’s ethos involves promoting creativity, arts, and culture. The bank has identified music as a passion point that resonates with many individuals.
Consequently, the 2023 edition featured even larger acts than the one held in 2022, reflecting Stanbic’s commitment to expansion and improvement. Stanbic has also entered the golf arena, but with a difference. It focuses on organising small tournaments in different locations, encompassing various mini series, unlike the competition. By aligning with people’s passions, the bank aims to be seen as a brand that drives the country’s growth. Ms Onyach concludes by accentuating the importance of understanding the interests of the bank’s affluent and high-networth customers to maintain top-ofmind brand awareness, with its mini golf series.
Stanbic’s devotion to its customers is further illustrated through its commitment to environmental, social, and governance (ESG) principles. The bank singles out diversity and inclusion, particularly with regard to women empowerment. Through Stanbic’s Dare to Aspire, Dare to Achieve (DADA) platform – an initiative designed to enable women to start and grow their own businesses – Stanbic has allocated KES 20 billion for women’s financing. Over the past three years, this platform has attracted more than 53,000 new customers, referred to as ‘Dadas,’ and has disbursed loans totaling KES 7.7 billion.
Moreover, Stanbic has consistently provided funding to micro, small, and medium enterprises (MSMEs). As of December 2022, the Bank had issued a cumulative total of KES 33 billion to these entities under its Business and Commercial Banking business segment. Additionally, in partnership with the Stanbic Foundation and strategic allies, Stanbic has distributed Kes 76 million in grants and catalytic funding to over 400 MSMEs in the country.
Extending beyond financial support, Stanbic’s customer-centric nature is evident in its multifaceted approach to community transformation, through its Social, Economic, and Environment (SEE) initiatives which are aligned with the United Nations Sustainable Development Goals (UN SDGs). These initiatives, implemented by the Stanbic Foundation, focus on economic empowerment, financial inclusion, education, and health promotion.
Through its Accelerate Program, the Foundation has played a key role in equipping Kenyan businesses for success by addressing digital skills gaps, fostering entrepreneurship, and improving beneficiaries’ employability through digital literacy, upskilling, career development, and access to grant funding and job markets. With Joshua Oigara at the helm, Stanbic is committed to understanding and meeting the diverse needs of its customers. Oigara’s entry is crucial in propelling the bank’s growth and development, fast-tracking its momentum in growth, investment in digital transformation, and commitment to fostering prosperity within the communities it serves. This is Stanbic’s social licence.
