National Bank of Malawi (NBM) Development Bank has managed to disburse over K3.5 billion to both startup businesses and Small & Medium Entrepreneurs (SME’s) within 4 years since it was establishment in 2019.
The first privately-owned NBM subsidiary — which is mainly aimed at providing long term funding to SME’s — says out of the said funds disbursed, over a billion went to business owned by women while close to K500 million towards youth entrepreneurs.
Some more funds went towards job creation, exporting development, import substitution as well as accessing world class facilities.
In it’s press statement, NBM Development Bank General Manager, Bernard Masi says they’re impressed with the achievements made so far because their target is to empower Malawians and help to develop the country by opening doors to startup businesses, saying SMEs become the only solution and game changer in SME financing in Malawi.
“Most commercial banks do not support SME’s startup businesses,” he said. “We are there to fill that gap — that’s why we finance both both existing SME businesses in terms of expanding their businesses or starting new ventures so we are proving startup capital and this a has been a pain for most entrepreneurs with good and innovate ideas.”