NBM Development Bank Limited has described Small and Medium-sized Enterprises (SMEs) as key drivers of Malawi’s economic growth, highlighting their contribution to employment creation, stimulating economic activity and supporting national development.
NBM Development Bank Acting General Manager, Esnat Kamudoni, made the remarks in Mzuzu on Monday during the opening of a two-day training workshop for SMEs from across the Northern Region.
Kamudoni said SMEs play an important role in the country’s economic development by creating employment opportunities and supporting various productive sectors of the economy.
“SMEs employ a significant number of people and contribute to the country’s economic development, hence the need to support their growth and sustainability,” she said.
She urged the participating businesses to maintain proper financial records, saying sound financial management is essential for business growth and sustainability.
“SMEs will gain practical knowledge that they will apply to improve how they manage business, make informed decisions and position themselves for future growth,” said Kamudoni.
One of the participants, Victoria Mwafulirwa, Founder and Managing Director of Homes Industries Limited from Karonga, expressed optimism about the training, noting that many SMEs lack the knowledge and guidance to manage and grow their businesses effectively.
“The workshop provides an important opportunity for us to acquire practical knowledge that will help us improve operations and build sustainable businesses. The training will also support our growth as SMEs through capacity building and initiatives that strengthen the business sector,” said Mwafulirwa.
The two-day workshop brought together 11 SMEs to equip them with knowledge and skills to strengthen their business management capabilities.
Similar trainings will be conducted in the Central and Southern Regions.
