Business

FNB pledges support to SMEs Ministry

FNB pledges support to SMEs Ministry

By BUUMBA CHIMBULU

FIRST National Bank (FNB) Zambia is eager to support the Ministry of Small and Medium Enterprises and all players supporting the sector with regards to providing opportunities for efficiencies, growth and ultimately an enabling environment for businesses.

FNB Zambia will thus focus on supporting all businesses from SMEs to large corporates, as it seeks opportunities that enhance the economy through support to the new ministry and the businesses they will support.

This is according to FNB Head of Business and Commercial Banking, Kabanda Lilanda, in his OP-ED on the new ministry.

“It is the first time that Zambia has had standalone representation for this critical segment in Cabinet and could not have come at a better time.

“Whilst various stakeholders support SME’s, there is still opportunity and scope for the new ministry and the expectation is that this ministry will contribute positively to the sector,” Mr Lilanda said.

He stated that Micro, Small and Medium Enterprises (MSME) offered a range of products and services that contributed to the survivability and livelihoods of the stakeholders that rely on them.

MSMEs, Mr Lilanda explained, were a key driver in any economy and while FNB Zambia was consistently looking for opportunities to support MSMEs, there was still scope for support from the government and its partners to render more backing as the sector positively contributed to GDP growth and provided employment for the Zambian economy.

He indicated that MSME’s added greatly to the efforts of keeping as much business local, whilst their direct connection to the community allowed them to be more adaptable to changing economic statuses.

“MSMEs not only play a crucial role in providing large employment opportunities at comparatively lower capital cost than large industries but also help in industrialization of rural & underdeveloped areas, thereby, reducing regional imbalances, assuring more equitable distribution of national income and wealth.

“MSMEs are complementary to large industries as ancillary units and this sector contributes enormously to the socio-economic development of the country,” Mr Lilanda said.

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