‘MSMES KEY TOWARDS NARROWING FINANCIAL SECTOR GAP’

By Scoop Reporter

We are committed to supporting Micro, Small and Medium Enterprises (MSMEs) to narrow the gap in the financial sector, the Zambia Youth and Agriculture Trade (ZAYATRA) has said.

ZAYATRA founder Emmanuel Muma said in an interview that MSMEs were being identified for financing their business plans to grow their business.

Mr. Muma said a Memorandum of Understanding (MoU) would be signed with those that would be eligible and ensure materialised business plans.

He said the program was aimed at closing the gap for those holding smaller businesses, but contributing to the economy of the country.

“We want to identify MSMEs that we can enter into MOUs with so that we can be financing their business plans and we get money from the client as they pay back once their business contract matures,” Mr. Muma said.

He said most of the enterprise owners were to generate employment and income for personal requirements.

He said the financial institutions and stakeholders should continue taking part in promoting access to inclusive and affordable finances in the country for economic growth.

He said SMEs deserved support as the majority were starters and young people who wanted to grow their businesses.

He said affordable financial solutions were key and aimed at facilitating easy access to encourage more entrepreneurs.

He said financing and bridging gaps in some key sectors such as agriculture could enhance food security in the wake of climate change that had impacted more households.

He observed that limited access to affordable business financing remained a significant barrier to the growth of small and medium enterprises in the country, saying finances should be affordable and easy to access to change the narrative.