By Brenda Kayo:
Ecobank Malawi has challenged small and medium enterprises (SMEs) to enhance efforts towards building a competitive edge to leverage the African Continental Free Trade Area (AfCFTA).
The bank, in partnership with German development agency GIZ, yesterday hosted SMEs to train them in essential business management skills to expand their operations and seize opportunities within the AfCFTA.
The AfCFTA will be the largest single market in the world with a combined gross domestic product (GDP) of approximately $3.4 trillion.
It is expected that the AfCFTA will reduce tariffs and non-tariff trade barriers for goods and services and enhance regional competitiveness.
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Ecobank Head of Commercial Banking George Phuza said the training was aimed to help entrepreneurs with resources and guidance needed to thrive in the competitive market landscape.
He said there is a huge knowledge gap that needs to be urgently addressed.
“We have involved more stakeholders because we need to bring our MSEs to a level where they are able to explore international opportunities and export to alleviate the problem of forex that we have in the country,” Phuza said.
North East Foods Limited Chief Executive Officer Kettie Chisambi said most SMEs lose businesses due to financial challenges.
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She said access to financial support from banking institutions has been a major challenge.
“We usually get more orders way above our finances which makes us difficult to reach out to them. Sometimes accessing finances in our local banks takes too long to the extent that we lose our orders,” Chisambi said.
However, the bank has committed that it will work together with GIZ to support small and medium scale enterprises with financial support.
