National Bank of Malawi (NBM) plc says that lack of business information and failure to access finance and markets are among the challenges hindering women and youth entrepreneurs in the country.
NBM plc Chief Executive Officer, Mcfussy Kawawa said this at the weekend when the Malawi stock exchange listed firm interacted with women and youth entrepreneurs from the northern region on access to finance and business management skills, among other issues.
He said the bank has been organizing similar events with women and youth entrepreneurs to impact business information which would in turn boost their businesses.
Kawawa said that in reaction to some of the challenges, the bank introduced products targeting women entrepreneurs where they can access loan of up to K5 million without collateral.
“ For a long time as a bank, we have been viewed as focusing more on our big corporate companies and more established small and medium scale businesses; but we are now reaching out to some segments of our clients including women and youth to tell them some of our products that will lead to the growth of their investments.’’ He said
One of the participants, Sitinga Masinga commended the bank for coming up with a product specifically for women entrepreneurs.