As Malawi joined the global community in commemorating International Micro, Small and Medium Enterprises (MSMEs) Day, Industry and Trade Minister Vitumbiko Mumba commended National Bank of Malawi (NBM) for continued support to small and medium enterprises.
Speaking during a special MSME Day event organised by NBM in Lilongwe on Saturday, Mumba said commercial banks had a vital role to play in advancing national economic development goals.
He said this could be done by directly supporting the SME sector, which he described as the “arrowhead” of Malawi’s economic future.
“One must understand that commercial banks exist to finance national economic growth. And they can only do that by holding the hands of SMEs, who are in dire need of capital and resources to move forward. What National Bank is doing is commendable and a step in the right direction,” Mumba said.
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He said the government alone could not drive the economic agenda, stressing the need for financial institutions to actively partner with small businesses through risk-sharing mechanisms rather than risk avoidance.
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“My message to financial institutions has always been: move away from risk evasion to risk sharing. Today, I’ve heard testimonies from SMEs who got financial support without stringent collateral requirements. This shows that the bank is bearing part of the risk. That’s what we need for growth,” Mumba said.
Mumba, who made a surprise appearance at the event, said he attended it because of his passion for SMEs.
“The packaging, the quality of products on display here, is impressive. What we now need is to boost capacity and ensure consistency so that these SMEs can meet growing market demands,” Mumba said.
On her part, National Bank of Malawi Head of Marketing and Corporate Affairs Akossa Mphepo said the bank organised the MSME Day event to provide a platform for over 50 SME clients to network, showcase their products and explore new market opportunities.
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“This is the first time we have brought together this number of SMEs under one roof. The aim is to open them up to markets they may not have accessed before and to help them leverage each other’s networks,” Mphepo said
She said the event was part of a broader month-long celebration by the bank in recognition of MSMEs and their role in national development, in line with the African Union Agenda 2063.
“NBM is not just providing financial facilities to SMEs. Through our six subsidiaries— especially NBM Development Bank— we are offering support for Greenfield projects and businesses that need funding for expansion. This includes mentorship, coaching and practical exposure,” she said.
Mphepo further shared success stories of clients who, after receiving support from the bank, grew from small operations into thriving enterprises.
“One school we visited started with 80 students. After accessing our facilities, it now has over 1,000 students and expanded its infrastructure. These are the real impacts we’re proud to celebrate,” she said.
The MSME Day commemoration follows Malawi’s participation in the global recognition of MSMEs on June 27
