Opportunity Bank of Malawi (OBM) has included small and medium enterprises (SMEs) in its core strategies as one way of boosting them.
With the strategy, the bank will be providing SMEs with loans from K10 million to K100 million.
The bank will also provide extended banking services and products that are specifically designed for the vibrant SMEs market needs.
OBM Chief Executive Officer, Kwanele Ngwenya, said in Lilongwe on Thursday that the bank wants to narrow the gap between the banked and unbanked communities.
“The introduction of our SME banking unit is in response to the market demand. The newly established OBM SME Banking Unit will focus on delivering products and services strategies that are truly responsive to our customers’ needs both existing and prospective,” he said.
Malawi Confederation of Chambers and Commence (MCCCI) president, Karl Chokotho, who was guest of honor at the launch, appealed to other banks to emulate the example set by OBM.
“SMEs are very important for the country. There are over 700,000 SMEs business owners in Malawi and they employ over 1 million people, that is a huge number hence it is a sector that needs to grow as it ultimately helps the economy,” Chokhotho said.