RBM disburses 36 billion kwacha to 36 thousand SMEs

Reserve Bank of Malawi RBM says has so far disbursed 36 billion kwacha to 36 thousand Small and medium enterprises through its financial inclusion and entrepreneurship scaling Fines project.

This has been disclosed in Blantyre during a workshop for Association of business journalists on the World Bank funded Fines (finesi) project.

Speaking during official opening of the workshop fines (Finesi) project manager Dr Mark Lungu said the aim of the project is to assist SMEs that are struggling to access finances and provide capacity on how to implement their businesses.

He said out of the total number of beneficiaries that have already been reached with the loans 46% are females while 12% youths considering a 2019 research which estimated that only 11% of females own business.

Dr lungu said is working with banks and other micro finance institutions to disburse the funds therefore encouraged beneficiaries to repay back the loans.

He said an SME is being provided with a maximum of 250 thousand dollars as most of them are into trading and not production.

Dr Lungu however said many of the SME’s are not aware of the project hence partnering with the media to boost awareness.

The 86 million dollars 5 year project will see 2000 SMEs being equipped with knowledge on how to do their businesses.