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Zanaco bank Plc has signed a Memorandum of Understanding (MoU) with the Women Entrepreneurship Access Centre (WEAC) aimed at improving access to finance, business development services and market opportunities for women-owned micro, small and medium enterprises (MSMEs).
Speaking during the signing ceremony in Lusaka on Tuesday, Zanaco Chief Executive Officer, Mukwandi Chibesakunda, said the partnership would strengthen the bank’s efforts to support women entrepreneurs beyond traditional banking services.
“Today’s MoU with WEAC gives us an opportunity to deepen this impact. By working together, Zanaco and WEAC will be better positioned to help women-owned MSMEs formalise, grow and scale their businesses,” she said.
She noted that many women entrepreneurs continued to face challenges such as limited access to affordable finance, inadequate collateral, poor market access, gaps in financial literacy and insufficient business development support.
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Chibesakunda said the partnership aligned with Zanaco’s You First brand promise and its Zee Women’s Banking initiative, which offered women entrepreneurs access to finance, financial education, business advisory services, networking opportunities and tailored financial solutions.
WEAC Executive Director, Nambula Kachumi, said the partnership marked a significant step towards transforming how women-led businesses access opportunities and grow sustainably.
Kachumi said while access to finance remains important, experience had shown that women entrepreneurs also required business skills, mentorship, market linkages and strategic networks to build resilient enterprises.
“Finance alone is not enough. Businesses need the right knowledge, sound financial management, market access, mentorship, digital and strategic networks if they are to grow sustainably,” she said.
Kachumi said the organisation’s experience had demonstrated that when women received the right support, they created jobs, strengthened households and stimulated local economic growth.
Under the agreement, Zanaco and WEAC will collaborate to provide business advisory services, financial education, mentorship and market access to women-led MSMEs while helping businesses become investment-ready, profitable and bankable.
The two organisations expressed confidence that the partnership will create a stronger support ecosystem for women entrepreneurs and contribute to inclusive economic growth in Zambia.
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