Access Bank, Government Back SMEs to Drive Zambia’s Economic Growth
Access Bank Zambia and the Ministry of Small and Medium Enterprise Development have reaffirmed their commitment to strengthening small and medium enterprises (SMEs) as a key driver of economic growth, during a Business Masterclass held in Lusaka.
Speaking at the event, Access Bank Zambia Managing Director and Chief Executive Officer Iheanyi Nwogu said SMEs remain central to Zambia’s economic development, describing them as “the engine” of growth through job creation, innovation and community development.
Dr Nwogu noted that SMEs are increasingly seeking more than just financing, calling for responsive banking solutions, practical support and stronger partnerships tailored to their business needs.
“At Access Bank, we are positioning ourselves as a partner in growth by providing not only financing but also knowledge platforms and solutions that align with how SMEs operate,” he said.
The Masterclass, held under the theme “From small to strong: accelerating sustainable SME growth through business linkages and access to finance,” brought together key stakeholders, including representatives from government institutions, regulatory bodies and the private sector.
Permanent Secretary in the Ministry of Small and Medium Enterprise Development Subeta Mutelo emphasised that SME growth remains central to Zambia’s national development agenda.
“When we talk about economic transformation in Zambia, we are talking about SMEs. They are the ones creating jobs, driving innovation and expanding participation in the economy,” she said.
Mrs Mutelo highlighted government’s shift towards positioning SMEs as competitive and scalable businesses rather than survival enterprises, supported by reforms aimed at improving the ease of doing business and strengthening access to opportunities.
Both speakers highlighted the significance of the government’s recent decision to extend business operating hours to 24 hours, describing it as a move that could unlock greater productivity and economic activity.
Dr Nwogu said the policy presents an opportunity for SMEs to expand operations and increase revenue, but stressed the need for supporting measures such as access to finance, reliable energy and responsive banking services.
He added that Access Bank is already responding by offering financing for business expansion, alternative energy solutions and 24/7 customer support to meet the demands of a round-the-clock economy.
Mrs Mutelo echoed the need for collaboration, noting that while government will continue to create an enabling environment, progress will depend on partnerships with financial institutions and the private sector.
The Masterclass forms part of the SME Business Club initiative, which aims to equip entrepreneurs with practical knowledge, strengthen business linkages and improve access to finance.
Officials say platforms such as this are critical in bridging gaps between policy and practice, enabling SMEs to access the tools, networks and opportunities required for sustainable growth.
