FInES trainings attract overwhelming response from SMEs

The Reserve Bank initiated capacity building training on entrepreneurship is attracting overwhelming response from vulnerable Micro Small and Medium Enterprises – MSMEs that have limited finance access.

The trainings target promising SMEs to guarantee their growth after accessing special loans under the Financial Inclusion and Entrepreneurship Scaling – FInES project.

In a statement, FInES indicates that out of 4,723 MSMEs that applied for the trainings, 3,513 met the requirements which are fairly impressive and overwhelming response.

“A total of 4,723 MSMEs applied to participate in the tailor-made training which will strengthen their capacity through personal initiative training, coaching, business development service provision and access to markets. A preliminary screening to determine whether the applicants met the prescribed criteria in terms of number of employees and business trading duration showed that 1,195 MSMEs did not meet the criteria. Reads the statement in part.

The statement further said: “This means that 3,513 MSMEs will now participate in a benchmarking survey, which is currently underway – this base-line study will confirm their status and enable tracking of their progress and growth.

Commenting on the recruitment campaign, FInES Project business development specialist Richard Zidana said the interest and enthusiasm shown by the MSMEs to enhance their business management skills was a positive start.

“MSMEs are crucial to the economic development of any country. Not only do they contribute towards job creation, they stimulate economic growth and innovation.

The training will empower MSMEs with the personal initiative skills needed to grow their businesses and build their self-awareness and confidence. This reflects great determination to upscale their business capabilities,” said Zidana.

In an interview, executive coordinator for National Association of Small and Medium Enterprises – NASME William Mwale said the project could spur the growth of the sector which contributes significantly to the country’s economy.

FInES project is a Government of Malawi initiative implemented by the Reserve Bank of Malawi with a loan from the World Bank.

The project seeks to increase access to financial services, promote entrepreneurship and capabilities of MSMEs in Malawi including addressing the continued impact of COVID-19 implications.