A Memorandum of Understanding (MoU) to help Micro, Small and Medium Enterprises (MSMEs) access affordable financial services has been signed by Absa Bank Zambia PLC the Zambia Development Agency (ZDA).

The MoU will also present an opportunity for MSMEs to access tailor-made business development support services to enhance their performance and competitiveness.

ZDA will after undertaking a baseline assessment, identify and recommend to Absa Bank Zambia, MSMEs in need of financial services.

Absa Bank Zambia PLC Managing Director, Mizinga Melu, said her institution was excited to formally sign the MoU with ZDA.

Ms Melu indicated that both Absa and ZDA shared the same vision of supporting the MSME segment grow their businesses and ultimately contribute to the growth of the economy.

She said this during the virtual signing ceremony yesterday.

Absa in consultation with ZDA will identify financial products suitable for the recommended MSMEs.

The ZDA will also continue to provide business development support services, coaching and mentorship services to the MSMEs recommended to Absa Bank Zambia, which will in turn provide business financing, financial extension and working capital facilities to the recommended MSMEs

At the same ceremony, ZDA Director General, Mukula Makasa, said: “This collaboration will help solve some of the challenges that MSMEs face such as access to business financing and working capital. I am confident that this partnership will yield more positive results in the foreseeable future.”

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