Outcry Over Stanbic SME Award as It Is Considered SMEs Unfriendly

The recent announcement that Standard Bank Group including Stanbic Bank Zimbabwe has won the title of Best Pan-African Bank for SMEs at the African Banking Awards has sparked backlash online, with many Zimbabwean entrepreneurs questioning the bank’s commitment to small and medium enterprises (SMEs).

While the award, hosted by EMEA Finance, recognizes excellence in supporting SMEs across the continent, reactions on social media tell a very different story especially from those on the ground in Zimbabwe. Many commenters have expressed frustration, disbelief, and even outrage over what they describe as poor accessibility, excessive bureaucracy, and a lack of genuine SME support.

One user wrote:
“Stanbic Zimbabwe, you have made it from zero to impossible to open a bank account with your bank for SMEs. The tonnes of paperwork and requirements is something else. I failed to open an account with you.”

Another, Muroro Sinyoro, added a sarcastic jab:
“How? Like you? Best Pan-African bank? For SMEs even, wow! How really low were the criteria.”

Such sentiments reflect a growing disconnect between corporate recognition and grassroots experience, particularly in markets like Zimbabwe where SMEs often face major obstacles in accessing formal banking services. For many small business owners, navigating Stanbic’s account opening process is seen as prohibitively complex, with red tape and documentation demands stalling progress before it even begins.

The irony of a “Best SME Bank” award is not lost on critics, who see the accolade as either out of touch or more reflective of corporate optics than on-the-ground impact.

“What a lie! In Zim, Stanbic bank in the same sentence with SMEs?” reads one particularly cutting comment.

This disconnect raises questions about the metrics used in evaluating banking performance in the SME sector. While innovations and digital tools may exist on paper, actual user experience, especially in underserved markets, tells a fuller story.

As the digital economy and entrepreneurship continue to grow in Africa, banks positioning themselves as SME-friendly must go beyond recognition and deliver real, accessible solutions that meet the needs of grassroots businesses. Awards may offer prestige, but credibility is earned at the customer level where, for now, Stanbic Zimbabwe still has much work to do.