Corporate News
StanChart gives Sh5m to Top 100 SME survey
StanChart’s General Manager for SME banking Humphrey Muturi (right) signs a dummy cheque sponsoring the Top 100 SME survey on September 1, 2010. Looking on are Nation Media Group’s Marketing Manager Ann Gitao (centre) and StanChart’s Head of Marketing, Africa Consumer Banking Division David Wingfield. Photo/LIZ MUTHONI
Posted Thursday, September 2 2010 at 00:00
Standard Chartered Bank has given Sh5 million to the Top 100 mid-sized companies competition, which seeks to honour the fastest growing small and medium-sized firms in East Africa.
The Top 100 survey is the brainchild of audit firm KPMG and Business Daily, a publication of the Nation Media Group.
“Small and medium businesses are critical in creation of wealth and jobs and the potential of this sector cannot be over-looked,” said Mr Humphrey Muturi, the general manager for SME banking at StanChart.
The bank has been sponsoring the Top 100 competition since its inception in 2008, with the fresh support bringing its cumulative contribution to Sh11 million.
The support from StanChart comes after Sage Pastel, an accounting and business management software firm, rolled out a Sh11 million sponsorship plan for the competition last month, bringing this year’s total sponsorship pool to Sh16 million.
“We are seeking more sponsorship from industry associations in East Africa,” said Ms Anne Gitao, the head of marketing at Nation Media Group.
Kenya has about 1.6 million registered SMEs accounting for nearly 60 per cent of all businesses in the country, according to the Ministry of Trade.
The small businesses employ about 5.1 million people accounting for 75 per cent of the total labour force and contribute 20 per cent to Kenya’s gross domestic product.
According to Mr Robert Onyango, the project manager for the surveys, an assessment of the firms that entered the competition has been completed.
“We are now at the stage of processing the data to identify the winners,” Mr Onyango said in an earlier interview.
Winners will be honoured at a gala dinner on October 8 at a yet to be named venue.
Third time
This is the third time the survey is being conducted in Kenya and the first time the competition has been extended to Tanzania. Uganda is participating for the second time.
The competition targets firms with a turnover of between Sh70 million and Sh1 billion.
They must have audited financial records and be unlisted at the stock exchange. Law firms, insurance companies and banks are excluded.
RSS