National Bank of Malawi Chief Executive Officer Macfussy Kawawa has reiterated the importance of supporting small and medium enterprises (SMEs), saying they are the backbone of the country’s economy.
He said SMEs play a vital role in driving economic growth, creating employment, and fostering innovation.
These, according to Kawawa, make them essential contributors to national economic growth and development.
He said the SMEs’ agility to adapt quickly to market changes makes them key players in the financial development of any country.
“Recognising this feat, the bank has strengthened its support for SMEs by customising its services to meet their specific prerequisites,” he said.
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Speaking at a special cocktail and ‘Synergy in Success’ interaction event organised by its Retail Banking Division on Friday, Kawawa emphasised the bank’s dedication to providing tailored support to address the challenges faced by SMEs.
“SMEs are the engine of our economy. At NBM, we are committed to providing them with the necessary support to thrive,” Kawawa said.
He said as the country continues to navigate the economic challenges posed by factors such as global microeconomic challenges, shortage of forex, natural occurrences affecting businesses directly or indirectly, including the Covid pandemic, the role of SMEs in driving economic recovery has become even more critical.
Kawawa said NBM has been continuously reviewing its services to better suit the needs of SMEs, ensuring a customer experience that not only meets their requirements but also opens doors to new opportunities for growth and development.
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“Our aim is to provide tailored solutions that address the unique challenges faced by SMEs. We believe we can empower these enterprises to grow and contribute even more significantly to the economic development of our country,” he said.
He further said that the bank is investing in products that offer solutions for SMEs.
Among the products mentioned were the ‘Amayi Angathe Business Savings Account’, the ‘Step Up Entrepreneur’ aimed at providing start-up capital loans and ‘Kasupe Finance’, tailored for village banks.
“These products are designed to support SMEs’ growth by providing them with access to financial services tailored to their needs,” he said.
He said by empowering SMEs, the bank is not only contributing to the growth and development of these enterprises but also to the overall economic prosperity of Malawi.
The event, attended by various categories of the bank’s clients, served as a platform for the bank to interact with SME owners, understand their needs better and tailor solutions to address their specific challenges.
Speaking on behalf of the bank’s customers, Unified Technologies Limited Managing Director Frank Muula commended NBM for providing a platform that opened interaction between the bank and its clients.
He applauded NBM’s efforts to tailor its services to meet those needs.
“NBM’s commitment to supporting SMEs is not only timely but also essential for the sustainable economic development of Malawi,” Muula said.
