FDH Bank plc has signed a memorandum of understanding (MOU) with the Market Women Activities Initiative (MWAI) to offer them soft revolving loans for the next five years.
FDH Bank managing director Noel Nkulichi made the commitment on Tuesday with MWAI’s founder and former President Joyce Banda.
According to Nkulichi, hundreds of business women will have a chance to access up to K3 million loans to support their activities.
“FDH Bank believes in promoting and facilitating growth through various initiatives in the country under our sustainability program called FDH cares. This is a program that is pivoted on four pillars namely, Our People, Our Environment, Our Economy, and Our Community. The FDH Cares program is inspired by the Sustainable Development Goals and Malawi-2063 Masterplan.
“The partnership with MWAI is one of such partnerships that speak to Sustainable Development Goal Number 5 aimed at achieving Gender Equality and empowering all women and girls, consequently impacting the economy and community at large. FDH Bank plc is committed to both women empowerment and financial inclusion; both being championed through this initiative,” Nkulichi said.
He further said that apart from being beneficial to the women, the country is also expected to benefit through increased number of women having access to banking services, and decreased number of unemployed women who will in-turn create jobs to complement the government’s effort.
In her remarks, Madam Joyce Banda said the loans will empower the women of Small and Medium businesses through easy access to the loans.
“This is significant because it shows that we are growing. When I started the organisation, I was targeting market women. At first I was giving grants to those women at the bottom that needed to lift themselves. This partnership therefore recognizes that Malawian women are resilient and hardworking and have decided to lift themselves despite their education status. This now gives women an opportunity to access the loans without hurdles from FDH, the only bank that understood our concept,” she said.
The former president started the organization in 2010 through her Joyce Banda Foundation.