National Bank of Malawi plc says the country can have enough foreign exchange if business owners produce and trade exportable products.

The bank’s head of retail banking division Oswin Kasunda made the observation in Zomba on Wednesday during Taoloka Finance Product breakfast and interaction hosted for Zomba Vendors Union members.

Kasunda: The goal is equitable access

He was reacting to concerns the vendors raised to the bank about struggling to run their businesses due to shortage of forex that is making them fail to pay the loans on time.

The product offers vendors easy access to financial products and loans of up to K5 million.

Kasunda said banks do not produce forex, but trades in it.

He challenged the vendors and other investors to capitalise on businesses that might be exportable and bring forex into the country.

“The product provides financial solutions to vendors to boost their businesses that, in turn, spur the country’s financial security,” said Kasunda.

Kasunda added that since the inception of the product in September 2022, the bank has registered over 1 115 vendors and about K1 billion funds have been disbursed to the vendors as loans.

“The goal is to achieve equitable access to banking services among small business owners through financial inclusion,” said Kasunda.

Zomba Vendors Union vice- chairperson Feston Kachepa said the product has helped many vendors in the old capital city to expand their businesses that stalled for sometime due to financial hiccups.

The vendors eligible for the product include those with registered business to government, registered with the vendors association, have a physical location by city council and evidence of ownership through rental payments receipts among other conditions.

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