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Standard Bank launches Phuka Incubator Hub in Mzuzu

 Standard Bank plc has unveiled this year’s Phuka Incubator Hub, an innovative initiative aimed at building the capacity of small and medium-size enterprises (SMEs) in the country.

Speaking during the launch in Mzuzu on Thursday, Standard Bank head of business and commercial banking Graham Chipande said the programme, now in its third year, addresses persistent challenges faced by SMEs, including limited access to finance, knowledge, networks and markets.

He emphasized the critical role SMEs play in driving Malawi’s economy, despite their limited access to finance and banking services, with only a small portion of the bank’s lending directed towards them.

Chipande: It solves challenges faced by SMEs

Chipande said: “That’s why we established the Phuka Incubator Hub to empower entrepreneurs across various sectors through these six-week programmes.

“Our goal is to equip them with essential skills in business model development, networking, and design while providing expert-led masterclasses to tackle industrial challenges and drive business growth.”

He said over the last two cohorts, the hub has shifted its focus from general SMEs to agricultural SMEs, partnering with Winrock International and GIZ to target four key value chains—chilli, banana, soya beans, and honey.

Winrock International country director Lilia Tverdun emphasised the importance of women taking leadership roles in agribusiness, noting that empowering women can significantly contribute to economic growth in Malawi.

She said through the six-week programme, participants will gain essential skills, tools, and networks to enhance their businesses and become role models for future female entrepreneurs.

The programme targets rural women in districts like Ntchisi, Mzimba, Rumphi, and Nkhata Bay, aiming to equip them with the tools and skills needed to thrive.

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