NBS Bank plc newly appointed chief executive officer Temwani Simwaka has called for an inclusive economic environment to help women-led businesses thrive, observing that women entrepreneurs are still facing challenges to access credit.
Speaking in Lilongwe on Wednesday when Malawi Stock Exchange-listed bank hosted a cocktail in partnership with UN Women as part of the International Women’s Month celebrations, she said there is need to support women through partnerships and financial inclusion.
during the meeting. | Wantwa Mwamlima
She cited challenges such as limited access to capital, business knowledge and financial support, but added that NBS Bank provides financial assistance to women’s groups and also offers loans to help them expand their businesses.
Said Simwaka: “It is important that we join hands to economically empower women. Partnerships play a key role in achieving this vision and we hope that together we can empower more women.
“We support women groups through loans and other investments strategies. We thought this was an opportunity to share some of the financial help we offer to boost their businesses and show them how they can benefit from it.”
She commended UN Women for its efforts in supporting women entrepreneurs, noting that partnerships are crucial in creating an enabling economic environment.
In her remarks, UN Women country representative Letty Chiwara said women play a key role in the economy through their small-scale businesses they operate.
But she said there are still policy challenges that hinder women-led businesses to grow, saying women should demand policies that are conducive.
“Policies around safety, financial inclusion and access to markets need to be strengthened. Import and export policies are also not conducive for women-led business ventures,” said Chiwara.
She stated that the partnership between NBS Bank plc and UN Women provides such platforms for discussions on the financial opportunities available to women and how they can access loans as individuals or groups.
United Nations Development Programme country representative Fenella Frost, who was a guest speaker, highlighted on the importance of investing in female-led businesses, focusing on inclusivity and economic empowerment.
She said: “There is need to invest in more women-led ventures. From an economic perspective, it is important that women are included in economic development.
“We need to identify solutions to the persisting gaps to empower and promote more women in business.”
The meeting brought together female business owners, professionals and other stakeholders to discuss various ways to support women in business and explore new opportunities for economic empowerment.
