A promising collaboration between Ecobank and the Zambian government has been established to amplify the growth of Small and Medium Enterprises (SMEs) within the country. This stride towards economic empowerment materialized with the signing of a memorandum of understanding (MoU) between the two entities.
The accord is set to unlock avenues of financial support for SMEs, making available diverse financing options that encompass asset finance, local purchase orders, and inventory financing. Beyond financial assistance, Ecobank is poised to provide targeted financial literacy training, offering a robust skill set to cooperatives and SMEs in crafting bankable proposals.
Heralding this milestone agreement, Elias Mubanga, the Minister of Small and Medium Enterprises Development, expressed his commendation for the partnership between the bank and the government. He underscored the potential of this collaboration in addressing the obstacles that have historically hindered the progress of cooperatives and SMEs.
Misheck Mkokweza, the Acting Managing Director of Ecobank Zambia, accentuated that the core aim of this collaboration is to facilitate a transition from income dependency to capital generation. Mkokweza reaffirmed the bank’s dedication to diligently working towards making accessible capital a tangible reality within Zambia.
In line with its commitment to bolster SMEs, Ecobank has unveiled an innovative online platform known as the single market trade hub. Designed to connect buyers and sellers across the 35 countries encompassed by Ecobank’s operations, this digital arena seeks to nurture trade and cultivate business partnerships. By stimulating trade and cultivating commercial ties, the bank envisions igniting economic growth and ushering fresh prospects for SMEs.
This symbiotic partnership between Ecobank and the Zambian government marks a significant stride in combatting the financial challenges that have historically impeded the growth of SMEs in Zambia.