By Burnett Munthali

The National Bank of Malawi plc has donated K5 million to the Malawi Microfinance Network (MAMN) to support their upcoming annual conference, scheduled to take place from October 17th to 19th this year.

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During the handover ceremony, Monica Zinyemba, the National Bank of Malawi’s Account Relationship Manager, emphasized the importance of micro and small medium enterprises (SMEs) in driving economic development in Malawi. She highlighted that the bank’s support reflects its commitment to fostering economic growth through empowering smaller enterprises.

“Micro and small medium enterprises are vital to the growth of our country’s economy, and National Bank of Malawi is proud to support initiatives that help them thrive,” Zinyemba said.

This year’s donation of K5 million surpasses last year’s contribution, where the bank donated K4.5 million to support the 2023 annual conference.

Duncan Phulusa, Chief Executive Officer of the Malawi Microfinance Network, expressed optimism about the success of this year’s conference, acknowledging the increased participation of key stakeholders. Phulusa noted significant progress in the sector, with the number of individuals accessing loans rising from 600,000 last year to 1 million this year. Additionally, the number of microfinance institutions has grown from 80,000 to 110.

Phulusa also emphasized the critical role that agriculture plays in Malawi’s economy, highlighting the need to further support small and medium enterprises to enhance the agricultural sector’s contribution to national growth.

The annual conference is expected to provide a platform for sharing ideas, strengthening collaborations, and discussing ways to improve access to finance for SMEs and underserved communities in Malawi.