Standard Chartered Bank Zambia PLC Managing Director Muzinga Melu says the small and medium enterprises (SMEs) are central to the growth of the Zambian economy.
Ms Melu says in recognition of this, Standard Chartered Bank, in partnership with government has made the development of the SME sector a priority.
She noted that the as part of the strategic positioning, the bank has SME banking units in 13 key markets across Africa including Zambia.
Ms Melu was speaking at the launch of the “Africa SME month” in Lusaka today.
She said as an international bank, Standard Chartered Bank intends to leverage its international expertise by introducing new innovative products and services into the Zambian market.
Ms Melu cited the SME trade corridor project as one such initiative designed to assist SMEs conduct cross boarder business across standard chartered bank’s unique international network of over 70 markets.
And Standard Chartered SMEs General Manager Mwansa Mutati said the bank will be launching several new products and services for its customers in Africa.
SMEs in Africa currently account for 30-60 percent of Gross Domestic Product (GDP).
Nothing to comment on this
I only hope that there will be a deliberate policy arising from this partnership to provide protection of our locally produced products by the SMEs. In addition, the SMEs need to be helped with Loans to be able to run their enterprises efficiently and extra effort to train and manage them so as to improve on their skills/Innovations. These loans must be free of colateral and easy to obtain.
I agree with you no.2.If only the banks could be flexible on SME’s by providing with attractive collateral free loans to be able to meet the affairs of the SMEs,our country surely would not be the same.I refer this to some committed SMEs who realy strive hard but keep running in circles because they are forced to borrow from the so called “KALOBA” where you would be required to pay back 50% interest within a period of 30 days.looking at our current economy,what business will one do to meet such deadly conditions.if it is for the better of this nation let even other finacial lending institutions emulate the spirit of barclays and stardard chartered banks by providing collateral free loans.
Mwansa Mutati? Is he a relation of Felix Mutati? Lots of new initiatives in this by-election year, lots of common Sir names too. Or I am being over inquisitive
Yes, Mwansa Mutati is the sister -in-law to the minister but has been at Stanchart for a long time.
Good and timely initiative for those of us about to chuck it in and go our own way. However, I have tried to get an unsecured loan from Stanchart backed by years of being a customer,a decent salary with no prior debt obligations and It was the most painful experience I have ever had to go through! I hope as the service is dealing explicitly with SME’s whose liquidity issues are time sensitive, these services will be availed in a timely manner.
good idea stanchart,but lets hope its not the kind of issue that are just on paper,lets hope the common zambian will find it easy.
This is a good partnership but I am not sure what kind of partnership this is.I was of the view that the government should have chosen to partner with Natsave.
Is this service available only to stanchart account holders only.
Their lending rates are too high. They risk joining Lehman Bros one day. If that happens I hope GRZ will have enough tax payer money to Zambianize. But knowing GRZ they chew all the tax to the last bone buying poshy cars and sugar for the voters.