NBM tips SMEs on business solutions
National Bank of Malawi (NBM) plc has urged small and medium enterprises (SMEs) to use the facilities the Malawi Stock Exchange-listed bank has created to grow their businesses and cushion themselves from economic shocks.
NBM plc head of retail banking Oswin Kasunda said this on Thursday in Lilongwe when the bank hosted representatives from SMEs to a business breakfast and interaction meeting.
He said NBM plc has created new banking solutions to cater for the needs of different segments of the market, including vulnerable groups such as women and the youth, to promote their access to finance.
Said Kasunda: “We know that women and the youth have historically struggled to secure loans.
“We interacted with them and provided training on financial management to ensure that they get loans and manage them efficiently.”
He said the bank has also created unique solutions to ease the burden on consumers.
Said Kasunda: “We have developed solutions and interventions to help consumers. Some loans have concessionary fees.
“Sometimes we offer the customers extended repayment periods and moratoriums to help them establish their businesses before they service the loans.”
Speaking at the same event, Small and Medium Enterprises Development Institute business information and advisory services manager Elias Kanongola commended NBM plc for providing capital and capacity building to help SMEs grow their businesses.
He said: “The banks have helped us, especially on the rising interest rates.
“The government with support from the World Bank has created the FInES [Financial Inclusion and Entrepreneurship Scaling] project, which is offering loans at competitive rates.”
