NBM Development Bank Limited, a subsidiary of National Bank of Malawi (NBM) plc, says the recognition by the Malawi Investment and Trade Centre (MITC) Malawi Exporters Award in the Best Financial Services category confirms its commitment in ensuring growth of the country’s SME Sector and economy.
NBM Development Bank Limited was recognized alongside other companies during the opening session of the 34th Malawi International Trade Fair by President Lazarus Chakwera at Chichiri Trade Fair Grounds recently.
According to the Bank’s General Manager, Bernard Masi, the Bank provides debt and equity capital to Small and Medium Enterprises (SMEs) within key target sectors and has served a lot of Malawian SMEs who have now grown their business and contributed to the economic development of the country in various ways.
“NBM Development Bank Limited is the development finance institution licensed by the Reserve Bank of Malawi (RBM) to serve the SME sector. It is one of the few institutions in Malawi which provides funding to business start-ups. NBM Development Bank Limited prides itself as the ‘game changer’ in SME finance in Malawi and has been operational since 2019.”
“With this award, we are greatly encouraged to do more to revolutionize the SME landscape in Malawi and we are very pleased to have achieved this milestone after only operating for four years” he said
Recently, Executive Director of Uromed Clinic in Lilongwe, Dr Thandie Mabedi described the Bank as phenomenal after financing her idea of opening a Urology clinic in the city.
“What we had then was an idea to have the clinic offering specialized services, but we didn’t know how to raise funds as all the Banks could not fund us without any track record but when we reached out to NBM Development Bank, they appreciated our idea and provided the financial support which included buying hospital equipment. We are now expanding to a bigger clinic, while offering jobs, and serving a number of people across the county,” she said.
Apart from Uromed, the Bank has also financed other export and import substitution SME businesses in Malawi.
