LILONGWE-(MaraviPost)-Old Mutual Malawi on Wednesday, May 22, 2024 dared small-scale businesses to invest much in saving for long term financial security.
Old Mutual’s Marketing and Cooperative Affairs Executive Patience Chatsika told the Small-Medium and Micro Enterprises (SMMEs) workshop in the capital Lilongwe that business operators must prioritize saving to prepare for the future and achieve self-reliance.
Chatsika observes that saving is crucial for wealth building, which aligns with the MW2063 agenda.
She added that saving helps individuals cope with financial hardships, leading to a stronger economy overall.
“As business operators ply their trade, they should always remember that it is important to invest their funds well and prioritize saving to allow themselves enjoy greater security in their lives.
“Malawi 2063 lays a path towards sustainable development, encompassing various sectors and facets of our society. It envisions a Malawi that is prosperous, self-reliant, and resilient, with a strong focus on human capital development. Therefore, investing in entrepreneurship and skills development is critical,” says Chatsika.
Senior Private Sector Development Planning Specialist at the National Planning Commission (NPC) Hope Chavula said that small-scale businesses are the backbone of the country’s economy, accounting for half of the country’s economic activity.
Chavula therefore encouraged business operators to build resilience and withstand challenges to achieve their financial goals and contribute to the country’s economic development.
In his remarks, Head of Corporate Affairs at the Malawi Revenue Authority (MRA), Steven Kapoloma urged business operators to cultivate tax compliance from the outset, as paying taxes is a responsibility for all, regardless of business size.
Small and Medium Enterprises Development Institute (SMEDI) Director of Planning and Development Liberty Neba disclosed that there are 1.6 million SMMEs operate in Malawi, with 89% of them not registered.
Neba therefore assured the gathering that his organisation will reach out SMMEs for registration that are able benefiting financial literacy programs.
