Old Mutual Malawi Urges Small-Scale Businesses to Prioritize Saving for Long-Term Financial Security
Old Mutual Malawi has emphasized the importance of saving for small-scale businesses to achieve their long-term financial goals.
During a Small-Medium and Micro Enterprises (SMMEs) workshop in Lilongwe, Patience Chatsika, Old Mutual’s Marketing and Cooperative Affairs Executive, stressed that business operators must prioritize saving to prepare for the future and achieve self-reliance.
Chatsika noted that saving is crucial for wealth building, which aligns with the MW2063 agenda.
She added that saving helps individuals cope with financial hardships, leading to a stronger economy overall.
“As business operators ply their trade, they should always remember that it is important to invest their funds well and prioritize saving to allow themselves enjoy greater security in their lives,” says Chatsika.
Hope Chavula, Senior Private Sector Development Planning Specialist at the National Planning Commission (NPC), emphasized that small-scale businesses are the backbone of the country’s economy, accounting for half of the country’s economic activity.
He encouraged business operators to build resilience and withstand challenges to achieve their financial goals and contribute to the country’s economic development.
On the other hand, Head of Corporate Affairs at the Malawi Revenue Authority (MRA), Steven Kapoloma urged business operators to cultivate tax compliance from the outset, as paying taxes is a responsibility for all, regardless of business size.
According to the Small and Medium Enterprises Development Institute (SMEDI) fiscal study 2019, approximately 1.6 million SMMEs operate in Malawi, with 89% of them not registered.
