The challenge of capital financing and financial literacy which has impeded the growth of Artisanal and Small-scale Miners (ASMs) in the country will soon be history thanks to the Memorandum of Understanding (MoU) government has signed with FDH Bank Limited.
The MoU will see FDH Bank, among others, providing ASMs with capital financing, access to capital investments and financial education in areas of effective organisation with an aim of seeking viable markets.
Minister of Mining John Bande, speaking during the signing ceremony on Friday in Blantyre, said the MoU signifies a new stakeholder participation in government’s quest to lift its people out poverty.
“ASMs sector provide employment to almost 22 000 Malawians. However, this sector is failing to grow and contribute meaningfully to development because it has been ignored for years,” he said.
FDH Bank managing director Phillip Madinga expressed pride in the bank for being the first to support the ASMs sector in the country.
“Our heritage as a local bank enables us to understand the development needs of most Malawians. Our growth, again, as a bank is heavily attributed to the small-scale enterprise.
“This is why we feel great to be the first bank to support the ASM—a sector which has, for years, been heavily exploited,” he said.