LILONGWE-(MaraviPost)-About 68 Small and Medium Enterprises (SMEs) have acquired improved business skills and knowledge and have become job multipliers after graduating from a six-week intensive business training through Standard Bank’s Phuka Incubator Program.
Sponsored by Standard Bank Plc, the Phuka Incubator program is run in partnership with Synergy Labs in the capital Lilongwe.
Phuka Incubator Program was launched in March with a core objective of promoting SME growth and business resilience by providing business development support, mentorship and other assistance to entrepreneurs and SMEs.
Speaking during the graduation ceremony at Ufulu Gardens in Lilongwe on Friday, December 9, 2022, Graham Chipande, Standard Bank’s Head of Business and Commercial Clients said that the bank is committed towards bridging skill and knowledge gaps to support and nurture SMEs to enhance their growth.
“At Standard Bank we understand the bottlenecks that SMEs face in their quest to develop and garner strength amid the stiff competition. Realizing our duty, we launched Phuka to effect change through contributing to the sustainability of small businesses by equipping them necessary skills they need to take charge of their business growth and sustenance,” said Chipande.
Chipande said that Phuka Incubator Program is aligned with Standard Bank’s core purpose of driving Malawi’s growth.
“Over the years, Standard Bank has been demonstrating keen interest to help in the growth of SMEs who are critical drivers in achieving the country’s socio-economic transformation. Through the Phuka program we are driving Malawi’s growth as it serves to underscore our commitment towards creating business resilience amid challenges on the business environment,” he said.
Standard Bank expressed satisfaction with the progress of the program urging incubates to utilize the skills and knowledge gained for their sustainability.
“Standard Bank together with our partner Synergy we are happy to see these incubates today having successfully completed the trainings. We revere on the success because it is our noble contribution on the SMEs’ mercurial journey to entrepreneurial success,” added Chipande.
Tabitha Jambo one of the incubates, said that the Phuka Program has brought in the much-needed business development support to enterprises and is filling the large gap in the enterprise development ecosystem.
“The program is equipped with effective skills aimed at enabling positive development among business enterprises. We are delighted to be aligned to the overall growth of SMEs with an objective of promoting local employment through capacity development of Malawi, mainly to maximize local benefits brought about by investments in the industry,” said Jambo.
In his remarks, the Guest of Honor Billy Jonathan Chiwotha hailed Standard Bank and Synergy for supporting SMEs sector which is a key engine of growth for the country’s economy.
“Our economy hinges around business entities, therefore we cannot develop if we take SMEs out of the equation. Interventions like the Phuka Programme play a crucial role in training and providing SMEs with soft and hard skills necessary to improve their business operations and compete more effectively in the market place,” said Chiwotha, Managing Director of Innobuild.
He further commended Standard Bank plc for putting faith in local SME and underlining its commitment to empower them.
“This is the way to go. Let’s strengthen local businesses because charity begins at home. We have seen what some of the foreign investors did during Covid-19; they closed shop, leaving our brothers and sisters redundant,” he said.
