Govt hails survey

Government says results of the 2012 Malawi financial scoping survey of Micro, Small and Medium Enterprises (MSMEs) will help it to develop a robust MSME Policy and Strategy for the country.

 

 

Minister of Trade and Industry John Bande made the remarks in Lilongwe last week when the findings of the survey were presented.

 

“No country can hope to achieve sustainable economic growth without expanding and diversifying trade with small businesses. A vibrant small and medium enterprises sector can become a catalyst for accelerated economic development for Malawi. With these survey results, the Ministry of Trade and Industry will be able to develop a robust MSME policy and strategy for Malawi,” he said.

 

The Malawi Government is reviewing its MSME policy and the findings from the survey will inform the policy on the current environment in which MSMEs are operating, their competitiveness and challenges affecting growth and profitability, including access to financial markets.

 

In a statement Ministry of Trade spokesperson, Wiskes Nkombezi, said the survey established that smaller business are less likely to use banking services to manage their finances.

 

“To manage business finances, most of the small business owners keep their money at home. Only 22 percent have or use products or services offered by a commercial bank, while 13 percent use formal but non-bank financial institutions,” reads the statement in part.