NBM Development Bank Limited says it has accessed K14 billion since 2022 under the Financial Inclusion and Entrepreneurship Scaling (FInES) Project, a World Bank–funded initiative administered through the Reserve Bank of Malawi (RBM) to finance Small and Medium Enterprise (SME) initiatives. According to the Bank’s General Manager, Bernard Masi, the financing has been channeled towards supporting 61 high-impact SMEs across various sectors, driving significant social and economic transformation in Malawi. “The strategic allocation of funds has seen the largest portions directed towards agribusiness (29.15% to 23 businesses) and tourism (28.28% to 15 businesses). Other key beneficiaries include the education sector (18.45% to 8 institutions), manufacturing (10.54% to 6 firms), as well as health, ICT, water and sanitation, and energy enterprises.” “The K14 billion allocation demonstrates the confidence that both the World Bank and the FInES Project have in NBM Development Bank. This facility has allowed us to empower SMEs that are at the heart of Malawi’s economic growth,” said Masi. Masi also highlighted that the supported businesses have collectively created more than 1,400 jobs, with particular emphasis on youth and women empowerment. “Of the funds disbursed, 50% went to male-led businesses, 35% supported female-led enterprises, while 15% targeted youth entrepreneurs. Disbursements were made to enterprises across all three regions of the country. In the Central Region, 26 businesses benefited, including 22 in Lilongwe and others in Dowa and Salima. The Southern Region has an allocation of 28 clients, mainly in Blantyre, while the Northern Region, 6 businesses benefitted” he said. Masi said these results align with Malawi 2063 aspirations and reflect the transformative role that targeted SME financing can play in unlocking the country’s economic potential. Malawi Union of Small and Medium Enterprises (Musme) President, James Chiutsi, commended NBM Development Bank and the World Bank saying the project has really provided finance to a lot of SMEs in the country. “SMEs are said to be the engine of the economy, and they do employ quite a substantial number of people. This has helped them continue to employ people and grow their businesses. However, it is a project that cannot stop. It is a project that must come back and stay for a considerable length of time because it has managed to provide the much-needed resources for SMEs in the country,” said Chiutsi. By Alexander Juma Gazette Media