Small businesses are creating jobs, driving innovation and keeping Malawi’s economy moving, with renewed calls to give them greater support to unlock their full potential.
The call was made during the commemorations of World Micro, Small and Medium Enterprises (MSMEs) Day Exhibition at Springs Park in Mzuzu on Saturday, where 50 MSMEs from across the Northern Region were in attendance.
The event organized by National Bank of Malawi (NBM) plc, gave the MSMES to showcase their products, connect with customers and explore new business opportunities.
Speaking during the event, NBM plc Chief Executive Officer Harold Jiya described SMEs as a key pillar of economic growth, saying they account for nearly 70 percent of employment in developing economies.
“Today, as we commemorate World SME Day, we recognise that SMEs are a very important component of economic growth. They create jobs, stimulate innovation and contribute significantly to national development. That is why we have brought SMEs together to showcase what they do and remind everyone of their importance to the economy,” said Jiya.
He said the bank continues to strengthen support for small businesses through NBM Development Bank by providing start-up financing, business mentorship, coaching, guarantees and sector-specific loan packages.
Jiya said the institution’s SME lending portfolio has grown to about K175 billion, demonstrating its continued investment in entrepreneurs and business expansion.
CapeStars General Manager Darlington Ndasauka said access to financing and business support has helped the company remain resilient despite Malawi’s challenging economic environment.
“As MSMEs, we are operating in a difficult economy, but we continue to innovate and become more creative to sustain our businesses. Malawians have continued supporting local enterprises, and that has enabled us to keep going. While growth may not be as fast as we would like, we remain optimistic,” said Ndasauka.
The exhibition also gave entrepreneurs an opportunity to network, market their businesses and celebrate the contribution of SMEs to Malawi’s economy.
Beyond business, the exhibition offered a vibrant family entertainment experience as thousands of patrons enjoyed live performances from some of Malawi’s top artists Eli Njuchi and Saint Realest.
