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LuSE launches portal for cheap SME financing

By BUUMBA CHIMBULU

A PORTAL that will assist local Small and Medium Entrepreneurs (SMEs) access credit and rebuild their business that have been hit by Covid-19 pandemic, has been launched by the Lusaka Securities Exchange (LuSE).

The LuSE GEM portal will help SMEs have access to finance, and aid the growth of their businesses.

Speaking at the launch of the portal in Lusaka yesterday, SME Development Minister, Elias Mubanga said small businesses would have the opportunity to access the much needed financing or capital required for their investment through the Portal.

Mr Mubanga said it was encouraging to see new and innovative ways in which SMEs could be supported and built into businesses that would stimulate economic activity and growth,

“The programme we are launching today is important to Government as it is a step into what we are championing in promotion of Zambia’s economic development,” Mr Mubanga said.

He indicated that the LuSE GEM portal was an innovation where SMEs have the opportunity to access the much needed financing or capital required for their business.

LuSE Chairperson, Kayula Siame, said the portal would assist SMEs to rebuild their businesses, especially after the effects of the Covid-19.

Ms Kayula explained that the platform was an innovative digital platform meant to promote financial inclusion and provide SMEs with access to capital for investment into growing their businesses.

The platform, she said, provided SMEs with a transitory platform, granting them access to funding while affording them business development services.

Meanwhile, Securities and Exchange Commission Director, Market Supervision and Development, Mutumboi Mundia, said the platform was timely following complaints by the SMEs that the stock market was for large corporates.

Ms Mundia said the portal would assist reinforce the integrity of the market while helping small businesses access finance and grow their businesses.

“The innovation comes at a time when we are competing for capital returns and also to attract more capital in the country. This innovation will help small businesses mobile capital and grow the economy,” she said.

And United Nations Capital Development Fund Digital Financial Services Consultant, Kilyelyani Kanjo, observed that small businesses were one of the most hit by the pandemic.

Ms Kanjo said with support, they had the potential to help rebuild the economy through their contribution.

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