Standard Bank and Shell implement Business Development Program

For this purpose, Standard Bank’s managing director, Chuma Nwokocha, and Shell’s representative in Mozambique, Alexandre Battaglia, signed a memorandum of understanding on Wednesday, March 15, for the implementation of the Business Development Program.

The Program will focus on five pillars, highlighting the culture of entrepreneurship in Mozambique, through the exposure of small and medium-sized enterprises and young entrepreneurs to the methodology of conceptualization of business ideas; and incubation of companies, providing tools for the creation and validation of MVP - Minimum Viable Product.

At the occasion, Standard Bank’s managing director said that innovation and financial education are of great importance for the growth of companies, which is why they are the pillars of the Business Development Program launched.

“This program will be implemented at the national level, being some activities concentrated in Pemba, where last year held the first entrepreneurship week to energize the local ecosystem”, said Chuma Nwokocha.

He added that in Maputo the Standard Bank incubator, a space that is being designed for young entrepreneurs and companies in the starting stage to find the resources they need to grow, will be the scenario of most of the activities that be the pillars of this partnership.

In turn, Alexandre Battaglia, Shell’s representative in Mozambique, said that encouraging the development of local companies is an essential component
of success.

Shell representative in Mozambique explained that the cooperation between his institution and Standard Bank began last year with the entrepreneurship week in Pemba, Cabo Delgado province, and Lionesses of Africa.

“We were able to appreciate the dynamism and experience of Standard Bank, as well as the benefits of its presence throughout the country”, said Alexandre Battaglia.

It should be noted that the Business Development Program will identify existing SMEs with high growth potential in a given region and specific industries of mutual interest to both the Bank and Shell and to support these companies in overcoming obstacles or challenges that prevent them from growing and scaling up.

According to the 2016 Global Entrepreneurship Index, Mozambique is currently ranked at 116 in a universe of 132 countries in terms of entrepreneurship development, which clearly shows that the country has a long way to go in this area, with a focus on creating an ecosystem to adequately support small and medium-sized enterprises to achieve the desired objectives.