KALONDE NYATI, Lusaka
ZANACO Bank has set aside over K300 million for small and medium-scale enterprises (SMEs) this year to support various businesses that will in turn contribute to the economy.
Once these funds are fully disbursed, it will spur SME-driven economic activities through business expansion, creation of more jobs, wealth and, ultimately, increased revenue to the treasury.
Of the total amount, the bank has so far disbursed over K200 million to SMEs in the country, according to Zanaco chief commercial officer Lishala Situmbeko in a press response yesterday.
Last week, Zanaco Bank managing director Henk Mulder said the firm currently has 100,000 SMEs on its loan book, demonstrating its commitment to drive the sector, which if fully supported can unlock the country’s economic potential.
Mr Situmbeko said the loans range from short to medium-term facilities to support various sectors.
“Our support to SMEs remains very solid and we affirm our commitment to helping Zambian SMEs grow through supplier and distributor financing where we focus on supporting various value chains,” he said.
He also said the bank has increased its reach to SMEs through training and specialised resources in key areas, including Solwezi, the Copperbelt, Chipata, Kabwe and Kasama.
The SMEs are being equipped with technical know-how to ensure that they are better able to manage and grow their businesses.
“We also ensure that SMEs are better equipped to access our financing, know-how and services,” he said.
Mr Situmbeko said the financial institution is also working with other organisations to accelerate support to SMEs citing Financial Sector Deepening (FSD) Zambia and the Nyamuka Zambia initiative.
ZANACO Bank has set aside over K300 million for small and medium-scale enterprises (SMEs) this year to support various businesses that will in turn contribute to the economy.
Once these funds are fully disbursed, it will spur SME-driven economic activities through business expansion, creation of more jobs, wealth and, ultimately, increased revenue to the treasury.
Of the total amount, the bank has so far disbursed over K200 million to SMEs in the country, according to Zanaco chief commercial officer Lishala Situmbeko in a press response yesterday.
Last week, Zanaco Bank managing director Henk Mulder said the firm currently has 100,000 SMEs on its loan book, demonstrating its commitment to drive the sector, which if fully supported can unlock the country’s economic potential.
Mr Situmbeko said the loans range from short to medium-term facilities to support various sectors.
“Our support to SMEs remains very solid and we affirm our commitment to helping Zambian SMEs grow through supplier and distributor financing where we focus on supporting various value chains,” he said.
He also said the bank has increased its reach to SMEs through training and specialised resources in key areas, including Solwezi, the Copperbelt, Chipata, Kabwe and Kasama.
The SMEs are being equipped with technical know-how to ensure that they are better able to manage and grow their businesses.
“We also ensure that SMEs are better equipped to access our financing, know-how and services,” he said.
Mr Situmbeko said the financial institution is also working with other organisations to accelerate support to SMEs citing Financial Sector Deepening (FSD) Zambia and the Nyamuka Zambia initiative.