Commercial banks have been challenged to design products which service Small and Medium Enterprise if they were to realise their growth and that of the country.

There has always been a wide perception that international banks are only for the elite and rich something which has left out SMEs' yet they play a pivotal role in the economic development of Uganda.

SMEs in Africa currently account for 30-60 per cent of GDP, indicating that SMEs will be a key driver of sustainable economic growth in Africa for the future.

In one of its efforts to promote SMEs growth, Standard Chartered announced that October is going to be 'Africa SME Month' in all its African markets. Responding to this campaign Stanchart unveiled a new SME Centre at its Head Office in Kampala to continue serving the SMEs better.

Speaking at the occasion, Chairman Board of Directors, Dr James Mulwana said: "As the oldest bank in Uganda established in 1912, Standard Chartered is continuing to be at the forefront of providing growth opportunities and solutions for SMEs in Uganda. I would like to commend the bank for its continued investment in this regard".

Commenting on the launch of 'Africa SME month' in Uganda, Mr Richard Wright, and head of SME Africa, said: "Standard Chartered Bank recognises the significant contribution SMEs are making to the economy of Uganda, especially in addressing the key challenges of sustainable economic development and wealth creation. We remain absolutely committed to assisting the development of the SME sector in Africa."

'Africa SME Month' will provide a platform to significantly deepen the bank's understanding of its SME customers' requirements and to assist their continued development.

Standard Chartered will additionally focus on driving its unique SME Trade Corridor initiative, assisting African SMEs to do business with other markets such as China and the United Arab Emirates through the provision of its award-winning financial services.

Speaking at the same function, the Bank's Chief Executive Officer, Mr Lamin Manjang said: "The SME Month is an exciting initiative. It will enable us to enhance our services to our SME customers in Uganda to assist their growing businesses.

"We differentiate our brand through our ability to leverage on our international expertise to introduce new, innovative products and services into our markets. The launch of our SME Month is yet another example of this competitive advantage," Mr Manjang said.