SMEs equipped with  skills in entrepreneurship

Lilongwe Market

Small and Medium Enterprises (SMEs) have been equipped with skills in financial management and business knowledge as one way of promoting the spirit of entrepreneurship.

The SMEs had a training today in Lilongwe which was organized by Old Mutual in collaboration with the Malawi Revenue Authority (MRA), Small and Medium Enterprises Development Institute (SMEDI), and National Planning Commission (NPC).

Group Head of Financial Education, John Manyike, said  Old Mutual believes that SMEs are the backbone of any health economy worldwide because they create job opportunities, stimulate the economy, and unlock new markets hence the need to impart them with skills and knowledge for them to thrive.

He added that investing in entrepreneurship and skills development is critical because it focuses on human capital development as such, capacitating SMEs, including young people, can go a long way in changing their status.

“This year, as we are celebrating 70 years of doing business in Malawi, we are proud when we look back and reflect on how much we have contributed to uplift the lives of people particularly the youth with employment, imparting knowledge, and entrepreneurship skills, and also impacting thousands of Malawians with our financial wellness programs,” he explained

On his part, SMEDI Director of Planning and Development Liberty Neba, commended Old Mutual for coming up with the training, saying it will assist the SMEs in acquiring business management skills which is a main challenge in the sector.

In his remarks, the Director of Corporate Affairs at MRA, Steven Kapoloma, said their role is to cultivate the SMEs as tax compliers at the grassroots level to make sure that tax should be their part and parcel to change the mindset that tax is for those that have big investments and also foreign nationals.

According to a fiscal study in 2019, Malawi has  1.6 Million SMEs of which  89 percent are operating formally.