LUSAKA, Zambia – 23 June 2023 – Standard Chartered Bank has announced the Five Women Entrepreneurs who received $10,000.00 each through the Bank’s Women in Technology Incubator Programme (SC WIT) that is implemented in Partnership with Bongo Hive. The Five Women-owned businesses that emerged victorious in Cohort 3 are walking away with $50,000.00 seed funding after an intense and robust training programme. 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 during the awards and graduation event held at StandardChartered Houses in Lusaka yesterday, Standard Chartered Bank CEO, Sonny Zulu stated that the SC WIT programme is part of the Bank’s bold and ambition stand to lift the participation of women and Small Medium Enterprises (SMES) in the country, in order to build more sustainable communities.
“The SC WIT programme is part of our broader global initiative-Future makers by Standard Chartered which is our global initiative to tackle social and economic inequality by promoting greater economic inclusion. When we launched SC WIT programme 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 small medium enterprises as evidenced by the formation of the Ministry of Small and Medium Enterprises Development,” Mr. Zulu said.
Further, the CEO revealed that, the five women who owned businesses from cohort 3 will receive $50,000.00 from the Bank as seed capital. “It is a proud moment for us at Standard Chartered Bank to witness the success of the programme- over the last three years we have spent ZMW8, 700,000.00 on the programme. And on cohort three alone we have invested ZMW2, 500,000.00. The huge investment and success bare testament on the Bank’s aim to empower people to learn, earn and grow”. He explained.
Mr. Zulu highlighted that, SC WIT Cohort 3 had businesses across various sectors such as, education, health, agriculture, events management, finance and ICT all of which have seen the need to add technology for growth. “It is exciting to see women led business in various sectors embracing technology and innovation. As Standard Chartered Bank we are passionate about technology, 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 and that is the convenience provided by technology. “Mr. Zulu added.
Speaking at the same event, Director for Bongo HiveEntrepreneurship and Innovation, Mr. Simunza Muyangana stated that, the SC Women in Technology Incubator Programme is an undeniable answer to the needs of many female-led businesses as it helps in creating a level playing field for start-ups through funding, digital skills development and business coaching support.
According to the statement, Mr. Muyangana further said, “Despite the growing proportion of female founders on the continent, in many cases women still receive the short end of the stick when it comes to accessing funding to support their businesses. As an implementing partner, we are grateful to the Standard Chartered Bank Zambia for their continued commitment over the years to ensure that female entrepreneurs are availed the necessary support they need in their entrepreneurial journeys”.
Meanwhile, the Minister of Small and Medium Enterprises Development, Honourable Mr. Elias Mubanga, applauded the Bank’s commitment to empowering women entrepreneurs and providing them with the tools needed to succeed in a male-dominated sectors.
“I am delighted that Zambians women entrepreneurs are at the heart of this programme. Small and Medium Enterprises are critical players of any economy. Many women are involved in entrepreneurship; however, the majority operate micro and small-scale enterprises. That is why the Government of Zambia- under the new dawn government of His Excellency President of Zambia Mr. Hakainde Hichilema- has developed deliberate policies and innervations to empower and support women in their business ventures to that they can thrive and grow.” The Minister Said.
In summing up, the Honourable Minister stated that, the new dawn administration remains committed to addressing the challenges that business owners facing. He also commended Standard Chartered Bank for investing ZMW8, 700,000.00 on the SC WIT Programme in order to help bridge the gender gap and create opportunities for women.