NBM plc promises unwavering support to SMEs
Ulaya : SMEs are the backbone of our economy
The National Bank of Malawi (NBM) plc has reaffirmed its commitment to supporting Small and Medium Enterprises (SMEs) through targeted loan disbursements aimed at driving business growth.
The bank’s Chief Risk Officer, Charles Ulaya, made the remarks during a visit to Gim Tech Building and Construction Company, a beneficiary under NBM’s SME support initiative.
Ulaya explained that the initiative is designed to help ease financial pressures faced by SMEs, particularly in the current challenging economic environment.
He further emphasized the vital role that SMEs play in driving economic development, noting that they form the backbone of the country’s economy. He underscored the importance of sustained financial support in enabling local businesses to thrive and expand.
Ulaya said: “The country is facing a lot of challenges. It is only that the SMEs are the ones that are keeping us afloat. So as a bank, we are geared to support SMEs in the country, because we do believe that they are the engine for growth, for economic growth, and also propelling the Malawi’s growth agenda in 2063, which are stipulated in that aspiration that the country developed.
“So, we are hoping that through the support that we are giving to SMEs, through the partnerships that we have as a business, SMEs will propel the country forward and also maybe make Malawi better.”
Speaking after the banks the visit, Gim Tech Building and Construction Company executive director Gift Mkandawire highlights the critical role which the support from the bank has played to help cushion them from harsh business climate.
“I’m really grateful for them to come and understand the problem that we have and also to work together finding solutions that can be there for us, for the benefit of both the bank and ourselves. The business climate is quite volatile, as you know, especially the prices can change every minute.
So, you see, sometimes you give a quotation today and the client takes two months to make a decision, the prices will be completely different. Because maybe it is contractual obligation, you are forced to do the job at a loss,” Mkandawire said.
The bank is currently offering a range of financial solutions to qualifying SMEs, including working capital, capital expenditure finance, short-term loans, letters of credit, guarantees, and bonds.
About The Author
