By BUUMBA CHIMBULU
ABOUT K1 billion has been disbursed by Zanaco Plc to support the Small and Medium Entrepreneurs (SMEs) in the last two years.
The bank was looking at growing the SME loan portfolio further so that the small businesses from across sectors can turn the wheels of the economy, Zanaco chief executive officer Kalengo Simukoko said.
Addressing journalists in Lusaka recently, Mr Simukoko said Zanaco would continue to support the local SMEs as evidenced by the growing loan portfolio of almost K1billion.
“Through our other SMEs and individuals to create jobs and wealth in the communities, we serve across empowerment scheme called Zanaco express agency, we have partnered with over 16,000 across the county,” he said.
Mr Simukoko said the continued support to SMEs by all stakeholders cannot be overemphasized especially now when the market for goods and services was growing in the wake of the African Continental Free Trade
Area (AfCFTA).
Commenting on the ‘Kweza Pitch Competition’ winners, he said Zambian SMEs are hungry for growth but lack capital to actualize that growth and thus as Zanaco, it gives the bank great joy that they are able to empower the SMEs through Kweza.
“The year has started on a good note especially for the winners of the Kweza Pitch Competition, as they have not only received capital injection for their businesses but also increased their knowledge in business management after 13 weeks of mentorship by renowned business leaders,” Mr Simukoko said.
He indicated that last year, the bank had embarked on a journey that was aimed at assisting in unlocking Zambia’s entrepreneurial potential because it believed that a solid private sector was cardinal for employment and wealth creation.
The top five winners include Mwala Mooto of Maima General Dealers, Rodgers Siwala of Rodevesi Industrial Flooring, Muzalema Mwanza of Seafood Fisheries and Lake Farms Limited.
Others were Rhoda Phiri of Koyebless Farms and Barry Kyembe of Wota Soap Industries got a share of the K2.5 million.
Zanaco committed under the Kweza show with the overall winner getting K1milion, while other four got K700,00, K500,000, K200,000 and K100,000 respectively during the grand finale.
“What excite us as Zanaco is not just the financial benefits that Kweza has given our winners but the non-financial benefits in the form
of sound business advice given to contestants by the judges throughout the Kweza season,” Mr Simukoko said.
And one of Kweza competition judges Namaya Mbikusita Lewanika said a lot of SMEs need hand holding to grow and significantly contribute to jobs and wealth creation.
“Thank you Zanaco for playing a role that is needed in the entrepreneurial space. More stakeholders need to come with such programmes for the sub-sector to flourish ,” Ms Lewanika said.
