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About K200, 000 financing has been reportedly made available by the Standard Chartered Bank Zambia to support the growth and advancement of Small and Medium-sized Enterprises (SMEs) in the country.
The support had been done through the hosting of the SME Capacity Building Workshop held in Solwezi this week.
This collaborative effort, according to the bank, underscores its dedication to fostering sustainable development opportunities and impactful initiatives within the SME ecosystem.
Standard Chartered Bank Head of Corporate and Investment Banking, Emmy Kumwenda, underscored the pivotal role played by SMEs in the country’s economic growth.
“I hope SMEs utilise and put the knowledge they will gain to good use. We want to see more SMEs in Zambia adding value to their products and making it to our shelves both locally and internationally,” Kumwenda said.
She noted the challenges that SMEs faced such as access to credit, markets and resources, lack of mentorship as well as financial knowledge among others.
Read more: Standard Chartered expresses confidence in Zambia’s economy rebounding in spite of challenges
In addressing some of these issues, Kumwenda said the bank worked with Micro Finance Institutions (MFIs) to reach SMEs, recognising that they may be better suited to service the segment.
“We have equally expanded our agency banking outlets to 150, with at least 80 SMEs provided with an alternative source of income, as well as providing the much-needed widespread depositor location,” she said.
The SME capacity training programme is being facilitated by a diverse pool of experts.
It aimed to address the common challenges and opportunities faced by SMEs, providing them with the necessary tools and knowledge to thrive in today’s competitive business environment.
Kumwenda also stated that the financial institution was providing banking services to multinationals who were able to pass on the benefits to the small-scale suppliers by providing extended credit terms.
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