Five Govt Institutions Sign MoU for Simplified Registration System to Empower SMEs
Five institutions have signed a Memorandum of Understanding (MoU) to jointly operate and manage a Simplified Registration System aimed at supporting Small and Medium Enterprises (SMEs) and enhancing collaboration among government entities. The signing ceremony took place at the Ministry of Commerce, Trade and Industry, and was witnessed by Permanent Secretary Lillian Bwalya.
The institutions involved in this groundbreaking agreement include the Ministry of Commerce, Trade and Industry, the Ministry of Small and Medium Enterprise Development, the Ministry of Local Government and Rural Development, the Smart Zambia Institute, and the Patents and Company Registration Agency (PACRA).
The newly developed system aims to integrate the informal sector into the formal economy by collecting vital data on trade performance and employment metrics. Under the MoU, the Ministry of Commerce and Trade will collaborate with the Ministry of Small and Medium Enterprise Development to conduct data analysis and provide support services through statutory bodies.
“The Ministry of Local Government and Rural Development will play a crucial role in data collection within selected markets, focusing on gathering important statistics related to informal sector trade performance and employment figures,” stated Mrs. Bwalya. Local authorities will be instrumental in mobilizing market masters to coordinate these efforts.
The Smart Zambia Institute is tasked with ensuring that the digital administration of the system operates smoothly and that data can be easily uploaded to online platforms. Meanwhile, PACRA will host the servers and assist in the registration of informal traders as business entities.
“With the development of this System, enterprises will gain access to business opportunities in both the public and private sectors, and their businesses will be protected,” Mrs. Bwalya emphasized. She highlighted that SMEs are the backbone of the economy, yet many entrepreneurs face significant challenges with the registration process, which can hinder their growth. This agreement symbolizes a unified commitment from the five institutions to alleviate these burdens.
“Together, we are streamlining registration procedures, integrating services, and leveraging digital technology to enhance access, transparency, and accountability,” she added. The system is expected to particularly benefit those in underserved areas, providing a smoother pathway to formalization and growth.
“This partnership represents a significant step toward fostering an inclusive and vibrant economy where businesses of all sizes can flourish,” Mrs. Bwalya concluded. “By simplifying the registration process, we are not only opening doors for more entrepreneurs to formalize their businesses but also laying a foundation for sustainable economic growth across Zambia.”
