By Linda Kwanjana

National Bank of Malawi (NBM) plc has reiterated its commitment to supporting Small and Medium-sized Enterprises (SMEs), which are regarded as the backbone of Malawi’s economy.

During an SME appreciation visit to GIMTEC in Blantyre on Friday, NBM plc’s Chief Risk Officer, Charles Ulaya, underscored the Bank’s belief that SMEs are the engine of economic growth and are also propelling Malawi’s growth agenda of 2063.

“We are so impressed that GIMTEC is one of the clients that does not have any other bank account but only maintains with National Bank. We are proud of the kind of partnership we have with them.”

“I just want to emphasise that SMEs are what Malawi needs at the moment as you know, the country is facing a lot of challenges, and SMEs are the ones keeping us afloat. As a Bank, we are geared to support SMEs in the country because they are the engines of economic growth,” said Ulaya

Asked to mention some of the products NBM plc has for SMEs, Ulaya noted that the Bank has a tailor-made SME product profile that defines the service a client is looking for.

“As you know, we are the only bank in the country that has established a development arm, NBM Development Bank. The primary aim is to ensure businesses achieve their growth plans, even when they lack capital. NBM Development Bank can support them by providing equity,” said Ulaya.

In his remarks, GIMTEC Managing Director Gift Mkandawire thanked NBM plc for the visit and for recognising their work.

“I am grateful that NBM visited to understand the problems we are facing so that we can work together to find solutions for the benefit of both the Bank and ourselves. The business is quite volatile, as you know, prices can change every minute.”

“I explained to the Bank officials that sometimes you provide a quotation today, and the client takes two months to decide. By then, prices will be completely different. Due to contractual obligations, you are forced to perform the job at a loss. These are the issues affecting contractors with fluctuating prices,” said Mkandawire.

NBM plc has set aside the month of June to celebrate the backbone of Malawi’s economy: Small and Medium-sized Enterprises (SMEs), with scheduled activities including an SME appreciation visit to selected clients by senior officials led by Chief Executive Officer Harold Jiya.