The Financial Inclusion and Entrepreneurship Scaling (FInES) Project has expressed its commendation to all Micro, Small, and Medium Enterprises (MSMEs) that have applied for participation in the high-impact capacity-building training for entrepreneurs. The project has received an overwhelming number of applications from MSMEs across various sectors in the country, with a total of 4,723 MSMEs vying for a spot in the tailor-made training program.
The FInES Project aims to strengthen the capacity of MSMEs through personal initiative training, coaching, business development services, and improved access to markets. The response from MSMEs to enhance their business management skills has been met with great enthusiasm and interest, according to FInES Project Business Development Specialist, Mr. Richard Zidana.
“MSMEs are crucial to the economic development of any country. Not only do they contribute to job creation, but they also stimulate economic growth and innovation,” stated Zidana. “The training provided through the FInES Project will empower MSMEs with the necessary skills to grow their businesses, enhance self-awareness, and boost their confidence. We are thrilled by the positive response from Malawian MSMEs, which reflects their determination to elevate their business capabilities.”
To ensure eligibility, a preliminary screening was conducted to assess the number of employees and business trading duration of the applicants. As a result, 1,195 MSMEs did not meet the prescribed criteria, leaving 3,513 MSMEs eligible to participate in a benchmarking survey currently underway. This survey will serve as a baseline study to confirm their status and facilitate the tracking of their progress and growth.
Zidana assured all applicants that the results of the preliminary screening would soon be communicated individually through SMS messages. Meanwhile, due to demands from MSMEs who missed the initial application deadline, the FInES Project is considering reopening the application window for an additional three-week period.
The FInES Project is a government initiative implemented by the Reserve Bank of Malawi with funding from the World Bank. It seeks to increase access to financial services, promote entrepreneurship, and enhance the capabilities of MSMEs in Malawi, with a focus on addressing the ongoing implications of the COVID-19 pandemic.
The FInES Project is poised to make a significant impact on the development and growth of MSMEs in Malawi, fostering a thriving entrepreneurial ecosystem and contributing to the country’s economic resilience.