……Graduates 46 SMEs under Phuka Second Cohort
LILONGWE-(MaraviPost)-Standard Bank Plc has pledged to continue financing agriculture, and empowering Small Medium Enterprises (SMEs) in the sector to ensure sustenance of the sector as the main driver of the country’s economy.
Speaking at the graduation of 46 SMEs and presentation of MK10 million to winner of the Phuka Pitch night, Madinga said Standard Bank Plc is well positioned to support agriculture enterprises in line with its commitment to contribute to import substitution and building Malawi’s capacity for exports.
“Standard Bank believes in the potential of agriculture to continue anchoring the Malawi economy.
In recent years, we have repositioned ourselves to take a keen interest in playing a key role of financing agriculture in view of its important role as main driver of the economy. As a bank we feel proud to play such a great role and help people unlock their potential in the agriculture sector,” he said.
Madinga said completion of the second cohort of the Phuka incubates underlines the bank’s commitment to empower the youth and help them take up ownership of efforts that contribute to Malawi’s economic growth efforts through agriculturally-linked enterprises.
“Today marks the end of a journey that we started in September last year when we partnered with Centre for Agricultural Transformation and Synergy Labs to enroll different entrepreneurs in Agriculture that we took through 6 weeks of intensive training on business management. As these 46 SMEs graduate today, we therefore can’t help but appreciate the fruits that Phuka has brought to our nation,” he said.
Madinga said the second cohort, in partnership with Synergy Lab and the Centre for Agricultural Transformation (CAT) focused on agriculture to help sharpen the skills of SMEs in the sector.
“Agriculture anchors Malawi’s economy, directly accounting for about one third of National Output and significantly contributes to employment, economic growth, export earnings, poverty reduction, food security, and nutrition.
“As a bank we therefore feel proud to play a great role by helping agribusinesses unlock their potential in this second cohort during which they accessed wealth of opportunities aimed at enhancing their knowledge, refining their skills, and expanding effective networks,” Madinga added.
The first cohort which graduated in December of 2022 saw at least 59 SMEs equipped with numerous skills in business growth and sustainability.
