Govt to align policies, legislation governing small businesses to support sustainable growth

Micro-Small and Medium Enterprises (MSMEs) and cooperative policies, including legislation, will be aligned to facilitate sustainable growth of entities.

Small and Medium Enterprises Development Minister, Elias Mubanga, made the announcement at the launch of the Entrepreneurs Financial Centre Zambia (EFC) refurbished Kalingalinga branch on Wednesday.

Mubanga indicated that the alignment of the MSME and Cooperative policies, legislation would facilitate and provide for conducive business environment.

This, he said, would promote sustainable growth of enterprises across the country.

“The Ministry is providing policy interventions to three main areas targeting three main issues for MSMES and cooperatives.

“These are access to finance, access to market and capacity building for better outcomes while the mandate of my Ministry is to foster the growth and development of MSMES and cooperatives,” Mubanga said.

On the launch, he acknowledged EFC’s provision of access to finance to MSMEs and encouraged entrepreneurs to take advantage of the resources that were provided.

“I, therefore, urge the micro finance institution to pursue affordable interest rates, simplified terms and conditions and create strengthened networking and access platforms so as to provide solutions for all players to effectively participate in the economy.

“There is need to review your outreach strategies and address the practical challenges faced by firms, MSMES, co-operatives and other economic players such as access to affordable finance, access to affordable energy and most importantly market intelligence with the focus of improving the MSME ecosystem,” he said.

At the same launch, EFC Board Chairman, Leo Haamukwanza, said the firm had in the past 29 years supported the growth of over 50,000 MSMEs, creating jobs, and contributing to economic development.

Haamukwanza noted that EFC had seen micro entrepreneurs transform their dreams into successful enterprises.

He said EFC’s journey had been a story of a strong passion for MSMEs.

“Our mission has remained the same since inception – to partner with these MSMEs and increase their access to financial services on a permanent basis, while contributing to wealth creation, improvement of people’s living conditions and development of Zambia’s private sector,” he said.

Chief Executive Officer, Bedah Salasini, is confident that EFC is positioned to continue supporting more businesses with the support of government.

“This new branch embodies our determination to be closer to our clients, and to walk alongside them on their path to prosperity,” Salasini said.

He stated that the branch reflected its ambition to expand it reach, enhance customer experience and to continue to create opportunities and possibilities that uplift and empowers MSMES.

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