NBS Bank plc has partnered National Small and Medium Enterprises (Nasme) to provide financial support to small and medium enterprises (SMEs).
In the partnership, Nasme will identify viable SMEs and recommend them to the Malawi Stock Exchange-listed bank for financing.
NBS Bank will in turn be assessing the applications to provide financing.
NBS Bank plc chief commercial officer Phillip Madinga said the partnership is meant to support the SMEs and thus far, it has awarded best entrepreneur of the year MirriamMatinga.
He said the bank has always supported SMEs, especially those in the agriculture sector and has re-launched the SME offering with a new approach.
“We believe that the SMEs sector is key and will always be key to the growth of the economy. What we have done is to link our SMEs sector to the agriculture sector because we believe there are opportunities within the value chain of agriculture.
“We recognise our role as an enabler to access to financial services, which is key to the promotion and growth opportunities such as industrialisation, social welfare, entrepreneurship and diversification of agriculture,” said Madinga.
Nasme national coordinator William Mwale said the agreement solves the access to finance challenge for SMEs.
“This agreement between Nasme and NBS Bank means that we will provide the bank with SMEs that are looking for financing, training and any technical issue to do with the improvement of our small businesses in the country.
“We have actually offered them that we will provide 100 SMEs each in the Southern, Central and Northern regions,” he said.
On her part, Matinga, who owns Golden Gate Memorial Private School in Lilongwe, said she was delighted to be recognised, adding that she is working hard to make a difference in people’s lives.