Africa-Press – Malawi. National Bank of Malawi (NBM) plc has commended the strides being made by its subsidiary, NBM Development Bank Limited in financing Small and Medium Enterprises (SMEs) in Malawi.
NBM plc’s Chief Executive Officer (CEO), Harold Jiya hailed the subsidiary during an internal engagement event dubbed Tiiphula, organized to celebrate NBM Development Bank on Thursday evening.
Jiya said since its establishment in 2019, the subsidiary has registered remarkable progress by financing SMEs in Malawi with debt, equity and business support services thereby contributing to the country’s economic growth.
“They have just been in business for five years, but they are already profitable. They are already meeting the targets that we set that is profitability, getting market acceptance, and reaching the goals of serving the SMEs both startups and those that are growing, and most importantly, to get capital into the Bank. We got the highest tranche of the FInES program. So, we needed to celebrate them,” said Jiya.
NBM Development Bank General Manager, Bernard Masi commended NBM plc management for the recognition.
“Over the years, we have set strategies that would see us grow while we also endeavour to empower local SMEs with great business ideas but lack financing. Already, we are excited that some entrepreneurs in the country like Ziweto Agri-Feeds, Uromed Clinic, Kampondeni Clinic, St Peters Private School , and others who have made a breakthrough after our hand,” said Masi.
During the event, Jiya also made a K2 million donation to support NBM Development Bank’s Tiiphula event, while also rewarding Masi with a hotel retreat with his family in the country.
Last year, NBM Development Bank was recognised for the Malawi Exporters Award in the Best Financial Services category by the Malawi Investment and Trade Centre (MITC) during the opening session of the 34th Malawi International Trade Fair in Blantyre.
In June this year, Jiya disclosed that the Bank has set aside K60 billion to support SMEs in the country through NBM plc’s Retail Banking segment and through its subsidiary NBM Development Bank Ltd.
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