NBM Development Bank trains northern SMEs in business management

NBM Development Bank has described small and medium-sized enterprises (SMEs) as key drivers of Malawi’s economic growth, citing their role in creating jobs and stimulating economic activity.

Acting General Manager Esnat Kamudoni made the remarks on Monday at the opening of a two-day training workshop for SMEs from across the Northern Region.

Kamudoni said SMEs employ a significant number of people and contribute to development, which made it important to support their growth and sustainability.

She urged participants to keep proper financial records, saying sound financial management was essential to growth.

“SMEs will gain practical knowledge that they will apply to improve how they manage business, make informed decisions and position themselves for future growth,” she said.

One participant, Victoria Mwafulirwa, Founder and Managing Director of Homes Industries Limited in Karonga, said many SMEs lacked the knowledge and guidance to run and grow their businesses.

“The workshop provides an important opportunity for us to acquire practical knowledge that will help us improve operations and build sustainable businesses,” she said.

The workshop brought together 11 SMEs.

Similar training sessions will be held in the Central and Southern regions.