Stanbic adopts strategy to steer mining growth - Financial Daily News Site

Stanbic adopts strategy to steer mining growth

The Chronicle

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Prosper Ndlovu, Business Editor
FINANCIAL services institution, Stanbic Bank Zimbabwe, has adopted a strategy to anchor mining sector growth and has vowed to play a pivotal role in unlocking the industry’s potential in line with Government targets.

The mining sector is targeting US$12 billion annual revenue by 2023, and Stanbic Bank says it is geared to provide solutions to assist its clients attain this milestone.

The bank’s chief executive officer, Mr Solomon Nyanhongo, told delegates who attended the just ended Chamber of Mines of Zimbabwe Annual Conference in Victoria Falls, that the financier was committed to finding lasting solutions towards consolidating growth drivers for the mining industry.

Stanbic bank

He said Stanbic’s core purpose was to champion Africa development and, in particular, Zimbabwe’s growth across key sectors including mining.

“Our institution has adopted a growth strategy for the sector cognisant of the fact that mining alone provides over 70 percent foreign currency receipts for the country,” he said.

“The strategy is premised on the realisation that we need foreign currency for our economy to assist the nation achieve its goal of a medium-income earning economy.”

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Mining Indaba in South Africa

Stanbic Bank already has a significant role to play in the market and has contributed over US$20 million in 2021 alone.

“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,” said Mr Nyanhongo.

The group recently participated at the just ended Mining Indaba in South Africa and Mr Nyanhongo said they would ride on the bank’s expertise to contribute meaningfully towards national development.

He said the bank’s capabilities will add value to the mining sector supported by knowledge, experience and industry expert insights.

Mr Nyanhongo said Stanbic has mining specialists at group level and locally who help continuously monitor clients’ business activities to proffer solutions relevant to them.

Given that mining is subject to global markets volatilities, he said it was imperative to rely on experts with their finger on the pulse, taking a long-term view, while consistently monitoring trends in international commodity prices.

“Over the 30 years that Stanbic Bank has operated in Zimbabwe, we have supported corporate entities and related ecosystem partners feeding into the sector,” he said.

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“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.”

Mr Nyanhongo said as much as Stanbic supports the mining sector, there were challenges, which need the input of all stakeholders to overcome.

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Forex earnings- Image taken Shutterstock

The challenges in the operating environment call for continued engagement to come up with acceptable mitigants as key stakeholders structure solutions and in consultation with authorities, where necessary.

“Despite these challenges, we see a positive outlook of the mining sector hence our significant investment. Mining is a key sector of the economy significantly contributing through forex, employment and other add-ons,” he said.

“Africa and indeed Zimbabwe is our home and as Stanbic Bank we are here to drive her growth and will continue to play our part in achieving national targets,” said Mr Nyanhongo.

Tags: #Stanbic #adopts #strategy #steer #mining #growth

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