FCS, Stanbic Partner to Empower Cross-Border Entrepreneurs
DAR ES SALAAM: The Foundation for Civil Society (FCS) has entered into a two-year strategic agreement with Stanbic Bank Tanzania through the Stanbic Business Incubator project, aiming to support cross-border women and youth entrepreneurs.
Speaking in Dar es Salaam today after signing the agreement, Stanbic Business Incubator Head, Kai Mollel, emphasized the project’s goal of equipping entrepreneurs with essential skills, knowledge, and opportunities to grow their businesses, ultimately contributing significantly to the national economy.
“We recognize that small and medium enterprises (SMEs) play a crucial role in building Tanzania’s economy. They provide employment to millions and contribute significantly to national income. However, many entrepreneurs still face challenges, including financial literacy gaps, poor business management skills, limited access to capital, and difficulty identifying market opportunities,” said Mollel.
She further highlighted that cross-border traders encounter additional hurdles such as legal barriers, inadequate access to accurate information, and challenging business environments, which hinder their ability to operate smoothly and effectively.
“Stanbic Bank Tanzania believes that Tanzania is our home, and we cannot build a strong economy without empowering SMEs. Through the Business Incubator, our bank is committed to enabling entrepreneurs to grow and achieve success in their businesses,” Mollel added.
Under this initiative, FCS and Stanbic will collaborate to support 250 entrepreneurs involved in cross-border trade and 100 entrepreneurs in the Supplier Development Program. The program will provide targeted training, including an eight-day training program for suppliers, which includes three days focused on procurement skills and five days facilitated by the Small Industries Development Organization (SIDO) to prepare entrepreneurs for participation in large corporate value chains.
FCS Director, Justice Rutenge, acknowledged the financial support of TradeMark Africa (TMA), along with the governments of the United Kingdom (through FCDO), Ireland, and Norway. He expressed gratitude for their contributions towards improving cross-border trade and consumer rights management.
“We are committed to amplifying the voices of citizens by fostering collaboration between the public and private sectors. This partnership with Stanbic will help us leverage their expertise to reach more entrepreneurs and create meaningful impact,” Rutenge stated.
