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OIBM supports SME growth

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Opportunity Bank Malawi (OIBM) say small and medium enterprises (SMEs) play an important role as they support the growth and development of a country’s economy.

The bank has launched new products to support SME growth in the country.

OIBM SME Consultant, Ben Muchina, said the bank launched the products because they realise that SMEs don’t have the right security to access loans from financial service providers.

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“That is why OIBM came in with this product which was finalised in November to assist SMEs access loans with minimum surety.

“If the SME’s would want to access loans in order to buy equipment that would uplift their businesses, OIBM will be using the same equipment as surety. We would also be offering overdrafts for their swift operations,” Muchina said.

Muchina said OIBM is happy to work with SMEs because they play a significant role in the creation of employment and help in the development of the economy.

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“For them to achieve that, they need the support of the financial service providers,” he said.

In his presentation, Principal Registrar General, Chifwayi Chirambo, said it was important that SMEs should get legally registered for them to access loans from banks.

“There are over a million SMEs in existence, but the Registrar General’s Department only has a record of 195,000,” he said.

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