Access Bank Zambia Ltd is proud to announce its unwavering commitment to bolstering Micro, Small, and Medium Enterprises (MSMEs) by dedicating a substantial K1 billion fund to the Bank’s Distributor Credit Programme (DCP).
The Distributor Credit Programme (DCP) is a financing scheme designed to provide affordable financial support to distributors within the value chain of the Bank’s prominent corporate clients spanning diverse sectors.
As part of this program, distributors affiliated with anchor clients such as Zambia Sugar Plc, Chilanga Cement, Dangote Cement, Coca Cola Zambia, and Zambian Breweries, among others, will have access to funding to procure stock from these anchor clients.
Hamish Chipungu, Access Bank’s Chief Risk Officer, made this announcement on Wednesday, following the Bank’s presentation of ZMW 80,000 prize money to the winners of the Xtreme Ideas Zambia X Pitch-a-ton.
This pitch competition provided various MSMEs with an opportunity to showcase their businesses and vie for the prize money.
Mr. Chipungu expressed the bank’s belief in nurturing businesses’ potential and fostering partnerships that extend beyond mere financial assistance.
He stated, “We understand that every business is like a seed filled with potential, and just as every gardener tends to their plants and nurtures the seed into a towering tree or plant, we at Access Bank do not just offer financial support. We offer a partnership with businesses, which extends beyond numbers on a balance sheet.”
Access Bank acknowledges the challenges faced by SMEs, such as limited access to capital, market knowledge, and resources that hinder their growth.
In response, Access Bank’s Emerging Businesses proposition, under the Retail Banking unit, offers tailored financial solutions to meet the specific needs of SMEs.
Access Bank Zambia’s commitment to supporting SMEs extends to fostering a culture of innovation and entrepreneurship through partnerships with incubators, accelerators, and entrepreneurship programs.
Moreover, the bank’s innovative payment solutions, including AccessAfrica, an international money transfer service, have been designed to facilitate seamless cross-border transactions for clients engaged in global business, enabling real-time payments across borders.
Access Bank’s dedication to SMEs is further exemplified by the recent launch of the inaugural Womenpreneur Pitch-a-ton in Zambia, part of the W Initiative, the Bank’s Women Banking program.
Following the call for entries, which closed on October 25, 2023, 780 female business owners are now in contention for a cash prize of K75,000.
Additionally, various non-financial prizes, including insurance, marketing, business and legal advisory services, as well as personal branding and marketing support, will be provided to empower these businesses to thrive in their respective fields.
During the X Pitch-a-ton competition, Wild Grass Enterprise, a software company offering a solution to assist SMEs in managing inventory, invoicing, and cash flows, emerged as the overall winner and received ZMW 50,000.
Eskulu, a pocket e-learning service utilizing technology to provide a comprehensive learning experience for examination-level students, was recognized for its exceptional social responsibility-driven business model and was awarded ZMW 30,000. Access Bank Zambia Ltd sponsored both cash prizes.
This information is contained in a statement issued by Kalumbu Nyikosa-Kearns, Head of Corporate Communications and Brand Management at Access Bank Zambia.