Patrick Mweheire, Chief Executive, Stanbic Holdings PLC
East Africa is at the forefront of economic transformation in Sub-Saharan Africa outpacing all other regions in Africa according to Patrick Mweheire, Chief Executive, Stanbic Holdings PLC
With a heritage spanning more than a century, Standard Bank has been an integral player in Africa’s story, empowering individuals, enterprises and communities with relevant solutions for growth. Throughout this period, we have remained purpose-driven, African focused, client led and digitally enabled.
As a Group, we recognize that East Africa stands at the forefront of economic transformation in Sub-Saharan Africa, characterized by remarkable resilience and growth potential. It is against this backdrop that we continue to invest in and catalyze key growth sectors including energy, manufacturing, agriculture and infrastructure.
We do this through strategic partnerships, financing, and capacity building initiatives designed to enhance economic stability and integration across the East African Community (EAC).
Strategic Infrastructure Development
Infrastructure remains the backbone of sustainable economic development. Recognizing its critical role, Standard Bank has actively participated in financing and advising on numerous key infrastructure projects across Kenya and the broader EAC region. One such project is the Nairobi Expressway, a land mark infrastructure initiative that has significantly improved urban mobility by reducing travel time from Jomo Kenyatta International Airport to Nairobi’s central business district from approximately 90 to just 20 minutes.
Recognizing the power of partnership, we continue to collaborate with varied partners including partners such as China Road and Bridge Corporation (CRBC) and the Industrial and Commercial Bank of China (ICBC) to leverage on synergies and shared purpose to deliver niche solutions that drive infrastructure development.
Leveraging partnerships for growth
Standard Bank recognizes the vital role of partnerships in boosting domestic and foreign investment. To this end, we actively build trust by establishing strategic partnerships with leading regional and international institutions. Our enduring partnership with ICBC, for instance, has significantly boosted Africa-China trade and investment, facilitating projects valued at over US$43 billion. These collaborations greatly enhance the attractiveness of the EAC as a hub for global investment.
Further, our collaboration with British International Investment to finance Sun King’s off-grid solar solutions underscores our dedication to expanding energy access and inclusivity. By supporting rural electrification projects, we have and continue to create tangible economic opportunities in underserved regions, effectively aligning international financing capabilities with local development objectives.
Critically, we work with local governments to boost market confidence and manage sovereign risk. For instance, in the past few years we have been part of key sovereign transactions including arranging a€500million (US$566 million) budget finance transaction to the Government of Uganda, and in 2024 where we successfully completed the repayment of Kenya’s $1.5 billion Eurobond.
Supporting Sustainable Development and ESG Initiatives
As part of our broader commitment to sustainability, Standard Bank actively integrates Environmental, Social, and Governance (ESG) principles into our financing decisions. Our leadership in securing East Africa’s largest-ever Sustainability Linked Loan underscores our commitment to sustainable finance and aligns to our aim to be a leading enabler of the just energy transition for Africa. Further, we actively support green and blue economy initiatives, recognizing environmental sustainability as foundational for long-term economic prosperity.
One notable initiative is one where Standard Bank Group through our subsidiaries Stanbic Bank Kenya and Stanbic Bank Uganda, acted as lead arranger for the largest syndicated sustainable finance facility in East Africa valued at atotalof$202million, with US$165millioninKenyaand US$37 million in Uganda. The facility has unlocked credit to under-banked customers, driving financial inclusion and accelerating Kenya and Uganda’s economic drive.
We are also deeply invested in agricultural SMEs, funding smallholder farmer schemes, and driving sustainable development within critical value chains including tea, horticulture, dairy, and nuts. These efforts directly contribute to achieving the United Nations Sustainable Development
Goals (UN SDGs) in the region. With agriculture playing a critical role in in majority of the EAC countries, we are intentional about working alongside our agriculture clients to drive adoption of renewable, smart energy and smart water solutions, which improve resilience.
We also facilitate ESG training for our clients and employees in a bid to drive awareness and compliance across all our operations.
Enhancing Regional Integration through Innovation
Standard Bank actively promotes deeper economic integration within the EAC, recognizing that regional collaboration is essential for sustained growth. With Intra-African trade cited as one of the continents greatest opportunities, we work with enterprises and the public sector to eliminate regional supply barriers. Our Africa China trade proposition for instance has been an enabler of trade between China and the region. In 2024, we facilitated trade flows to the value of USD 4.8 billion between Africa and China, which reflects our commitment to enhancing access to broader international markets.
In addition, we have consolidated our operations across Kenya, Uganda, and Tanzania enhancing our ability to offer seamless cross-border banking services. This has been critical seeing as there is increased demand for goods and services in the EAC as well as a push for better utilization of natural resources to elevate the region as one strong economic block. To advance this interconnectivity, we leverage various channels including our borderless banking platform to align closely with continental economic integration frameworks such as the African Continental Free Trade Area (AfCFTA).
Championing Small and Medium Enterprises (SMEs)
With approximately 10 million small and medium enterprises and other commercial businesses spread across East Africa, Standard Bank recognizes SMEs as critical drivers of economic growth, innovation, and employment, which is why the Group makes concerted efforts to create ecosystems and solutions that eliminate market barriers, drive innovation and build resilience.
In Kenya for instance, with over 6 million SMEs, in 2024, we rolled out tailored solutions that responded to the SME financing, operation and innovation needs. During 2024, through short-term working capital solutions, hedging solutions and market access, we disbursed US$ 4million to 283 clients across various sectors and provided training for over 3,650 MSME owners, which speaks to the appetite for relevant SME solutions.
Further, to effectively support SMEs, we leverage robust corporate relationships with key local corporates. By integrating SMEs into larger corporate supply chains, we not only enhance their business sustainability but also significantly mitigate lending risks. Additionally, our incubator hubs in Uganda, Tanzania, and Mozambique are actively equipping SMEs with vital skills and resources needed to thrive in competitive markets.
Charting a Resilient Economic Future
As we look ahead, Standard Bank sees immense promise in the economic trajectory of Kenya and the wider EAC region. We consider East Africa as a high growth region and aim to further our investments in the region.
Leveraging demographic trends, rapid urbanization, and growing integration, we believe the region will continue to register resilience amid shifting market dynamics. And with an integrated approach, anchored by strong partnerships, prudent risk management, and strategic investments in SMEs, infrastructure, and sustainability, we are well positioned to drive growth and confidence in East Africa’s economies, creating lasting value across the region.
services in the EAC as well as a push for better utilization of natural resources to elevate the region