Government, in partnership with Fauree has launched the Pamo Digital Finance Platform aimed at improving access to financial services for Micro Small and Medium Enterprises (MSMEs) across the country.
Speaking during the launch in Lusaka, Minister of Technology and Science Felix Mutati described the initiative as transformational as it will allow MSMEs to apply for loans, among other financial support from any part of the country through a digital system.
Mr Mutati said the platform is expected to bridge the financing gap affecting many small businesses, particularly those in rural and underserved areas.
“This platform is not only about technology but about creating opportunities for our people,” he said.
The Minister added that the digital finance platform will help the Ministry of Small and Medium Enterprise Development effectively track empowerment beneficiaries, eliminate irregularities in the system and ensure that support reaches genuine entrepreneurs.
Mr Mutati further noted that the initiative will promote financial inclusion, improve accountability and increase opportunities for entrepreneurs seeking capital to expand their businesses.
He has since urged small business owners to embrace digital innovation in order to improve productivity and contribute to national economic growth.
Meanwhile, Ministry of Small and Medium Enterprise Development Permanent Secretary, Subeta Mutelo disclosed that government has so far awarded over K11 million in grants to 31 industrial yard MSMEs from Kafue, Ndola and Kitwe.
Ms Mutelo said the newly launched digital supply chain finance platform will make it easier for MSMEs to access grants and loans provided by government and cooperating partners.
“MSMEs contribute significantly to the country’s economy and this platform will ensure that entrepreneurs have easier access to financial opportunities that can help grow their businesses,” she stated.
The Permanent Secretary went on to state that about 97 percent of MSMEs currently contribute to the country’s economy and remains key to job creation and poverty reduction.
And Fauree Link Director Sib Ali said the firm is focused on building full stack national digital platforms aimed at improving financial accessibility for SMEs.
Mr Ali explained that the Pamo Digital Finance Platform has been designed to simplify access to loans, grants and other financial products through a secure and transparent digital system.
“Our goal is to ensure that every SME, regardless of location, can participate in the formal financial ecosystem and access opportunities that support business growth,” he said.
He expressed gratitude for the partnership with the government and reaffirmed the institution’s commitment to ensuring the success of the initiative and supporting Zambia’s digital transformation agenda.
