Reserve Bank of Malawi to build capacity of 3500 MSMEs
The Financial Inclusion and Entrepreneurship Scaling FInES project is funded by the World Bank and runs for five years from 2020 - 2025.
CHITIPA, Malawi-The Reserve Bank of Malawi (RBM) says it will, through the Financial Inclusion and Entrepreneurship Scaling (FInES) project, build the capacity of at least 3500 micro, small, and medium enterprises (MSMEs) to help them grow their businesses, writes Patricia Kayuni.
Business specialist at FInES, Richard Zidana, said this on Wednesday in Chitipa, where the bank was launching town hall meetings to interact with business people and remind them of the need to pay back the money they borrow from financial institutions.
He said the bank expects that the project will turn out successfully because of the number of businesspeople who have so far shown interest in the training.
"Apart from loans and training, we are working to help MSMEs access their loans, registrations, and business certificates on their phones without having to travel, thereby reducing costs,” he said.
On her part, Chitipa District Council chairperson Toweracharo Mnyenyembe hailed the Reserve Bank of Malawi for launching Town Hall meetings in Chitipa, saying the launch itself has put business people at an advantage seeing that they had the opportunity to interact with the project officials face-to-face.
On capacity building, Mnyenyembe said a lot of businesses don't go far because they lack capacity and skills, hence the need for more people in Chitipa to participate in the training. She therefore asked those who would benefit from the project to make sure to pay back loans.
Meanwhile, Antonio Sikwese, who plies his trade as a builder, thinks the FInES project will open doors for his business to flourish because, with the loans, he will be able to buy the equipment needed for his work.
The Financial Inclusion and Entrepreneurship Scaling FInES project is funded by the World Bank and runs for five years from 2020 - 2025.