Stanbic throws weight behind Zim’s mining sector

…As industry eyes US$12bn revenue by next year

(Last Updated On: June 6, 2022)

BUSINESS REPORTER

Leading financial services institution, Stanbic Bank, has adopted a growth strategy for the mining sector as it seeks to play a  key role in boosting the industry, Zimbabwe’s largest foreign currency earner.

Stanbic Bank CE, Solomon Nyanhongo last week told the Chamber of Mines meeting in Victoria Falls that the institution was committed to finding lasting solutions towards consolidating growth drivers for the mining industry.

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

He said Stanbic Bank is geared to provide solutions to assist its clients as the sector eyes a US$12bn annual revenue by 2023.

Last year, the financial services concern over US$20m to the sector.

“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,” Nyanhongo said.

The institution has mining specialists at group level and locally as well who help continuously monitor clients’ business activities to proffer solutions relevant to them.

Nyanhongo noted that mining is subject to global markets volatilities, and it is imperative to rely on experts with their finger on 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. 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,” he said.

Nyanhongo said there are challenges which need the input of all stakeholders to come up with solutions. Notwithstanding the challenges, the bank sees “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. 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,” Nyanhongo said.

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