ZANACO says bank’s loan portfolio to Micro, Small, and Medium Enterprises stands at K450 million

ZANACO Bank’s loan portfolio to Micro, Small and Medium Enterprises (MSMEs) currently stands at K450 million, according to its leadership.

Its Chief Executive Officer, Mukwandi Chibesakunda, said the commercial bank had relaxed borrowing requirements, which had helped to increase support to the sector.

Chibesakunda said this during the ZANACO MSME Day webinar on Thursday.

“We will continue providing opportunities and creating an environment that makes it easier for these businesses to grow through access to finance, technical and non-technical support,” she said.

Chibesakunda said the bank had continued to provide solutions for female customers through the Zee women’s banking preposition anchored on three pillars- access to finance, information and markets.

She said under the initiative, women could access loans of up to K200,000.

“We will continue to innovate for our customers and we will provide solutions for their growth, including providing platforms such as this virtual MSMEs business week, where MSMEs across the country can connect with us, hear industry insights and access compliance information,” she said.

Small and Medium Enterprise Minister, Elias Mubanga, stressed that SMEs were the bedrock of the country’s economy, accounting for over 97 percent of the businesses.

Mubanga said government was ready to support private sector initiatives aimed at helping the small enterprises with financing, critical for business growth.

He urged the SMEs to take advantage of the ZANACO virtual MSME week to acquire information that would add value to their business.

“I am aware that ZANACO has pledged to make business easy for Micro Small and Medium Enterprises in fulfilment of its promise to grow businesses.

“This is evidenced by its relaxation of borrowing requirements for MSME among other revisions to its criteria in lending to the enterprises and unwavering commitment to Zambia’s growth,” Mubanga said.

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