Govt identifies lack of innovation, poor adoption of tech solutions as key challenges for MSMEs growth (Video)

The government has identified a lack of innovation and poor adoption of technological solutions as major challenges affecting the growth of Micro, Small, and Medium Enterprises (MSMEs) in Zambia.

Kennedy Mumba, Director for Business Development and Grants at the Ministry of Small and Medium Enterprise Development, noted that these issues were highlighted under the MSME policy.

He made these remarks during the signing of an agreement between Liquid Intelligent Technologies and CNC 360 Consulting Firm in Lusaka on Wednesday.

Mumba stated that one of the objectives of the MSME policy was to foster a culture of innovation and technological adoption among small businesses.

“Statistics indicate that 70 percent of Zambia’s GDP, 88 percent of employment opportunities, and approximately 90 percent of all businesses are in the SME category,” Mumba said.

He emphasized the crucial role of the private sector in Zambia’s economic growth, particularly with MSMEs and cooperatives being the primary drivers.

Mumba assured that the government remained committed to supporting institutions that promote MSMEs and cooperatives across all sectors by creating an enabling environment.

“We are pleased that this agreement aims to promote digital and business solutions for MSMEs and cooperatives,” Mumba added.

Mark Townsend, Chief Executive Officer of Liquid Intelligent Technologies, explained that the partnership with CNC 360 would focus on tailor-made digital solutions.

“This collaboration will create a platform for knowledge sharing and joint initiatives to help MSMEs and cooperatives streamline processes, enhance efficiency, and drive innovation,” Townsend said.

James Chiwala, Acting CEO of CNC 360, added that the partnership would increase digital literacy among MSMEs and cooperatives through targeted training, technical support, and business advisory services.

“In collaboration with the Ministry, CNC 360 and three chain stores, we have already trained over 1,500 MSMEs and cooperatives in Lusaka, Copperbelt and Northwestern provinces,” Chiwala stated.

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