ABSA commits K1bn to finance MSMEs
By Ellen Hambuba
ABSA Zambia has contributed 1 billion Kwacha to empower Micro, Small, and Medium Enterprises (MSMEs) and cooperatives in the country.
The empowerment program will be undertaken in partnership with the Citizen Economic Empowerment Commission (CEEC).
ABSA Zambia Bank Managing Director, Mizinga Melu, says the bank is excited about the opportunity to co-create product offerings for MSMEs and cooperatives alongside CEEC.
Ms. Melu says the bank’s collaboration with CEEC will focus on building business development skills for MSMEs and cooperatives to ensure business sustainability and growth.
She says the bank will also provide access to finance once the applicants have completed a capacity-building program aimed at driving an entrepreneurial and savings culture that includes a loan repayment mindset and general business skills development.
This is according to a joint statement released to ZNBC News today, signed by CEEC Director General, Muwe Mungule, and Ms. Melu.
Mr. Mungule said the partnership between ABSA Zambia and the Commission represents a pivotal moment for targeted Zambian entrepreneurs.
Dr. Mungule noted that CEEC is not merely providing financial access but creating a holistic ecosystem of support that addresses the fundamental challenges faced by SMEs and cooperatives.
