Minister of Finance and Economic Affairs Sosten Gwengwe has challenged National Bank of Malawi (NBM) Development Bank to do more in supporting small and medium enterprises (SMEs).

Speaking in Lilongwe on Monday when he attended the development finance institution’s Game Changer Documentary, the minister observed that SMEs are key to the growth of the economy.

He said: “As you are aware, SMEs are the engine for the growth of any nation. A country cannot develop if SMEs are sidelined and not supported by both government and the private sector.

“That is why SMEs are at the centre of the Malawi 2063 as main drivers of the development agenda.”

Gwengwe commended NBM Development Bank for its role in supporting SMEs start-ups, saying most of them are not supported by mainstream commercial banks as they face various hurdles, including inadequate collateral.

NBM plc chief executive officer McFussy Kawawa, who is also NBM Development Bank chairperson, said the Malawi Stock Exchange-listed bank believes in enhancing its inclusiveness to SMEs to continue contributing to sustainable economic growth and employment creation.

He said: “Studies have shown that the informal economy and SMEs sector generate 65 to 70 percent of gross domestic product across all country income levels.

“They account for 25 to 63 percent of total employment. This revelation underscores the role of SMEs in any country. ”

The  Game Changer Documentary is about Malawi’s entrepreneurial revolution facilitated by NBM Development Bank.

During the event, several entrepreneurs told their stories of how the bank has impacted the growth of their businesses.

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