UNDP signed an MOU with Stanbic Bank in its efforts to promote access to finance for SMEs on the Supplier Development Programme.

The objectives of the partnership are to build a working relationship that will facilitate access to finance for Suppliers (SMMEs) in the SDP through Stanbic Bank’s offering. The value of the partnership is a means to resolve cashflow challenges (acquisition, management, and optimal utilization) which have been diagnosed by SDP consultants when implementing the Supplier Development Methodology in their value chains as part of the ongoing mentorship program to SMMEs. Through the partnership, Stanbic Bank, in collaboration with the SDP Consultants ensure that any business credit facility applied for is; necessary, adequate, affordable, and relevant for the type of business operations.

The memorandum of understanding (MOU) was signed by the UNDP Resident Representative, Ms. Jacinta Barrins following the reading of UNDP commitment statement and Stanbic Bank Chief Executive, Mr. Samuel Minta to make the commitment official.  The UNDP SDP Project Manager, Ms. Boitumelo Mbaakanyi, shared the partnership overview and expectations of the collaboration whereas the Stanbic Bank Chief Executive conveyed their roadmap to assisting SMMEs, which was outlined to include other services beyond financial support.