Bank of the nation, National Bank of Malawi (NBM) plc Chief Executive Officer (CEO), Harold Jiya, has announced that the Bank has set aside K60 billion to support Small and Medium Enterprises (SMEs) in Malawi.
Jiya made the remarks in Lilongwe on Thursday following a series of visits to various SMEs, organized by the Bank as part of its ongoing efforts to appreciate and engage with the businesses driving the country’s economic development.
On Thursday morning, Jiya visited Ziweto Enterprise at Kanengo, which produces animal feeds and nutrients, and was granted K240 million loan facility by NBM Development Bank, a subsidiary of NBM plc to procure the milling machine.
“One of our core pillars as a financial institution is to ensure that we are actively funding and financing businesses across Malawi to help accelerate national development. That is why we have committed this funding to support SMEs,” said Jiya.
He elaborated that NBM Development Bank has allocated K10 billion specifically for development finance targeting startups and SMEs while the retail division of NBM plc has reserved more than K50 billion to cater for the financing needs of existing and growing SMEs.
Jiya further expressed the bank’s pride in contributing to initiatives that stimulate the country’s economic growth.
“SMEs play a crucial role in the economy; they are job creators and drivers of economic activity. At NBM plc, we want to encourage people to believe in their dreams. We are ready to support those with smart, hardworking ideas,” he added.
Victor Chambayika Mhango, Chief Executive Officer for Ziweto Enterprise, expressed gratitude for the financial support received from NBM plc.
“When we started, we only had seven shops. Today, we have expanded to 21 shops and employ 51 people across the country. Thanks to the support from NBM plc, we have discussed even more growth opportunities, and we are confident our partnership will continue to flourish,” said Mhango.
In commemoration of SME Day, observed annually on June 27, NBM plc has launched a special initiative that will see the Bank visiting and engaging with SMEs across Malawi to further strengthen support for this critical sector.
“One of our core pillars as a financial institution is to ensure that we are actively funding and financing businesses across Malawi .”
Harold Jiya
NBM Chief Executive Officer
