Platform for SMEs to engage with stakeholders on operational limitations created

A platform to enable Small and Medium Enterprises (SMEs) provide feedback about their operational limitations has been created by the Octagon Financial Services Limited.

This platform is meant to assist policy makers and the company introduce tailor-made solutions which address the context of SMEs in Zambia, according to company Managing Director Phyllis Tiller.

Tiller said at the training for SMEs on the Copperbelt recently that SMEs remained fundamentally excluded in the product development initiatives of many organisations, as most service providers tailored their products to suit the capacity of larger organisations.

In the training, Tiller took time to directly hear from the SMEs present the challenges they often encountered, zeroing into employee benefits management.

Tiller announced the introduction of the platform to enable SMEs present their challenges to facilitate for tailored made solutions.

“Through the interaction with the SMEs in the Copperbelt, we have pioneered an ongoing platform through which SMEs are able to communicate and provide feedback about their operational limitations to enable tailor-made solutions which address the context of SMEs in Zambia,” she said.

Tiller said they have narrowed the conversation with the SMEs to two fundamental themes around which remained a critical information and knowledge gap within the SMEs sector.

These are ‘Employee Benefits’ and ‘Insurance for SMEs.’

She reiterated that the company’s desire to continue providing employee benefits packages and financial solutions that did not leave anyone behind.

“SMEs, though seemingly are collectively viewed, as a force to reckon with, evidenced by the fact that they are the largest employer and accounted for the largest footprint in GDP growth last year,” Tiller said.

Meanwhile, Provincial Representative for the Zambia Chamber of Small and Medium Business Associations on the Copperbelt, Joshua Mukonko encouraged the company to upscale the pilot project be to accommodate SMEs at a greater scale.

Mukonko also said SMEs should take advantage and utilise the information and knowledge gained to make informed mid to long-term financial decisions as they go about their business operations.

Ndola District Chamber of Commerce and Industry, vice president Joseph Malisawa, appreciated the company’s dedication to providing employee benefits packages and financial solutions that factored in the context of the Zambian SME’s sector.

Malisawa further indicated that the financial future of SMEs could not be overemphasised.

“We are grateful to you for being awake to this reality and endeavouring to close the existent information and knowledge gap,” he said.

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