Africa-Press – Malawi. The much awaited Standard Bank Plc’s incubation hub dubbed as Phuka is expected to unlock market opportunities for Small Medium Enterprises (SMEs) while growing business ventures.
Launched on Monday, March 14, 2022 at Area 12, in the capital Lilongwe, Phuka hub is expected to facilitate job creation, building capacity through business-ready skills and mentorship for SMEs.
To kick start the program, Standard Bank has therefore partnered with Synergy to deliver the incubator while providing co-working space for SMEs. Standard Bank Chief Executive Officer Philip Madinga says his institution reaffirms commitment towards innovation and Malawi’s economic growth.
Madinga adds that Phuka hub will be offered to the bank’s SME clients to help them tapping new markets frontiers, grow their businesses and become resilient to external shocks.
“At Standard Bank, we understand that the entrepreneurial journey is daunting. Our goal is to creat a conducive environment for the sector by imparting world-class knowledge, mentorship and experiences that will propel local SMEs to greater heights in line with our core purpose which is; Malawi is our home, we drive her growth,” he assures.
Echoing on the same, Synergy Board Chairperson Justice Zione Ntaba assured the bank’s clients of good space provision for accessing quality innovation skills.
Justice Ntaba says her firm will building capacity for the bank’s clients on taxation, corporate governance and among others. One of the hub beneficiaries, Godfrey Chitsulo says his insurance company is tapping needed technical support from the platform. Chitsulo hopes for better market opportunities by end of the incubation period.
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this is a good development