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BANKS DEVELOP INNOVATIVE PRODUCTS FOR SMEs

Bankers Association of Zambia (BAZ) says banks have developed innovative products which are targeted at attending to the needs of small and medium enterprises

Speaking in an interview with Lusaka Star, BAZ Chief Executive Officer Leonard Mwanza said banks recognise the importance of small and medium enterprises in economic recovery and growth.

These (SMEs) are extremely critical to the advancement of the economy and as always, as banks, we have paid a closer eye on the needs of small and medium enterprises,

he said.

Mwanza said banks and lending institutions have taken into consideration issues of capacity building, financial management capabilities and skills development as SMEs need these skills to develop.

An SME needs support, yes. But how can they create opportunities for themselves to be recognized by lenders or banks? That is one of the most critical questions to attend to,

he said.

He said the consultative meeting held with government last week recognized the need for banks to increase and extend favorable services and products to all small and medium enterprises.

The BAZ Chief  Executive Officer added that the association will focus on what kind of financial solutions banks can provide to this group of entrepreneurs,

Last week during a consultative meeting, government tasked the Bankers Association of Zambia (BAZ) to develop innovative products that will facilitate streamlined access to finance for Small and Medium Enterprises (SME’s)..

And the consultative meeting between BAZ and government further recognized that the development of these products will ensure sustainability, growth, rural development, and skills development.

The Government team comprised Minister of Small and Medium Enterprises Elias Mubanga, Minister of Local Government and Rural Development Garry Nkombo, Minister of Technology and Science Felix Mutati and Finance and National Planning Minister Dr. Situmbeko Musokotwane.

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