CEEC and ACCA Sign MoU to Boost Financial Literacy for SMEs
The Citizens Economic Empowerment Commission (CEEC) has signed a Memorandum of Understanding (MoU) with the Association of Chartered Certified Accountants (ACCA) to enhance financial literacy for Small and Medium Enterprises (SMEs) supported by the commission.
The agreement, announced at a ceremony in Lusaka, is expected to improve financial management and business sustainability for SMEs receiving CEEC funding.
Speaking at the signing event, CEEC Director General Dr. Muwe Mungule emphasized that the partnership addresses a critical gap in financial literacy among the SMEs that have benefited from CEEC’s K1.3 billion investment in Zambian businesses.
Dr. Mungule explained that many SMEs face challenges in areas such as financial management, record keeping, and loan repayment, which have negatively affected the loan recovery rate.
“The MoU with ACCA is long overdue, as it will provide SMEs with the necessary financial management tools and knowledge to ensure proper use of funds and long-term sustainability,” he said.
Dr. Mungule further highlighted that of the 83,000 loan beneficiaries, many struggle with basic financial practices. He expressed confidence that the collaboration with ACCA will introduce effective interventions in financial literacy, which will help improve loan recovery rates and overall business performance.
ACCA Country Director, Janice Matwi, lauded the partnership as an important step toward advancing financial literacy and business digitization for Zambian SMEs.
She noted that the collaboration will empower local businesses by equipping them with the skills necessary to manage their finances effectively, fostering economic empowerment and growth.
