By Phiwa Sikhondze
Standard Bank Eswatini has reaffirmed its commitment to empowering small and medium enterprises (SMEs) by pledging E246,500 to bolster youth entrepreneurship through the Junior Achievement (JA) and ENACTUS Eswatini programmes for the 2024/2025 period.
This strategic investment is aimed at equipping young EmaSwati with critical entrepreneurial skills to fuel the growth of SMEs, which play a pivotal role in driving the country’s economy.
Speaking at the sponsorship handover event, Sanele Zondi, Head of Unayo at Standard Bank, representing the bank’s Head of Business and Commercial Banking highlighted the bank’s focus on creating a supportive ecosystem for SMEs.
“We’ve noted that the high failure rate of new SMEs is often linked to the lack of financial support and business training. This is why our work doesn’t stop with financial assistance. We are adapting our banking model to be more inclusive for young entrepreneurs, incorporating digitization and offering financial management coaching through our Enterprise Banking division,” Zondi said.
Zondi underscored the importance of nurturing young entrepreneurs, saying, “Young people are full of creativity and fresh perspectives. They are uniquely positioned to take advantage of emerging opportunities. As a bank, we believe in fostering a supportive ecosystem that empowers the youth to pursue their financial aspirations.”
The distribution of the E246,500 saw E90,000 allocated to ENACTUS Eswatini, with the remaining E156,500 going to JA Eswatini. These funds will help further the programmes’ goals of equipping youth with entrepreneurial skills and improving their business acumen, ultimately helping them contribute meaningfully to Eswatini’s economic development.
The funds will directly support efforts to nurture budding entrepreneurs, providing them with the tools to launch and sustain businesses that can thrive in an increasingly competitive market.
Eswatini, like many countries, faces a surge in youth unemployment. Standard Bank Eswatini believes that empowering young entrepreneurs to dream big, innovate, and create sustainable businesses is key to addressing this issue.
Zondi further stressed the need for deliberate action to create opportunities for young people to fuel the country’s economic development through entrepreneurial ventures that lead to job creation.
Phetsile Masilela, CEO of JA Eswatini, expressed her gratitude for the bank’s continued support. She reflected on the long-standing relationship between Standard Bank and JA Eswatini, which dates back to 2011.
“We’ve been with the bank since 2011. It’s been quite a journey, and the consistency has given us strength to grow every year. We don’t take it lightly that even in a challenging economy, you still invest in youth empowerment, specifically through Junior Achievement. We’ve seen the partnership grow, even in terms of the amount of money you’re giving us every year. Thank you for that,” she said.