Malawi’s Minister of Trade and Industry, Vitumbiko Mumba, has called on commercial banks in the country to take a more proactive role in supporting the growth of Small and Medium Enterprises (SMEs), describing them as the lifeblood of the national economy.
Mumba made the remarks over the weekend during a surprise visit to Gateway Mall in Lilongwe, where National Bank of Malawi (NBM) plc hosted an SME Day exhibition in celebration of this year’s International Micro, Small and Medium Enterprises (MSME) Day. The event featured over 50 SMEs from various parts of the country.
“Commercial banks have a vital role to play in advancing national economic development by directly supporting the SME sector, which is Malawi’s economic future,” Mumba said. *When I read in the papers that NBM plc has set aside K60 billion to support the SMEs in the country, I called the CEO to thank him because this is the kind of support we need.”
Mumba further urged other commercial banks to emulate NBM’s example, saying such initiatives are key to unlocking the country’s industrial potential and achieving economic transformation.
NBM plc’s Marketing and Corporate Affairs Manager, Akossa Hiwa, said the event was aimed at giving SMEs a platform to showcase their products, connect with potential customers, and explore market linkages. She noted that the event was part of a wider month-long celebration by the bank, highlighting the critical role MSMEs play in national development in line with the African Union’s Agenda 2063.
“In May this year, we also supported about 30 SMEs to participate in the Trade Fair where they also showcased their products,” she said.
One of the participants, Mark Chiweza Banda of Apoche Farms, a fish farming enterprise, commended the bank for the exposure. “We produce a lot of products, but we don’t have a platform to reach out to potential buyers, but such events provide us with the needed platform. We thank NBM plc,” he said.
In addition to the exhibition, the event featured entertainment for children and live music performances by popular local artists including Teddy Makadi and Mazani, creating a vibrant and inclusive atmosphere for both business and leisure.
The MSME Day was celebrated globally on June 27, recognising the contributions of micro, small, and medium enterprises in sustainable development and job creation.
