LILONGWE-(MaraviPost)-Standard Bank Pic on February 28, 2025 launched the “Phuka SME Awards to recognicle the role of small busnesses in contributing to employment and seonomic recovery efforts.
In partnership with the Small and Medium Enterprises Development Institute (SMEDI) the awards aim to motivate Micro, Smail and Medium sized Enterprises (MSMEs) to grab opportunities in the country’s economy through entrepreneurship and innovation
“Entrepreneurship thrives on responding to challenges and solving complex economic and societal problems. Through these prestigious awards Standard Bank Plc would like to recognize and partner those MSMEs rising to the occasion in helping address Malawi’s economic proplems through innovative approaches,” said Head of Business and Commercial Banking (BCB) Graham Chipande at the launch of the awards.
Malam has over 1.6 million MSMEs who contribute about 47% to the country’s GDP
Chipande said Phuka SME Awards-an extension of the Phuka Incubation Program-build on Standard Bank’s track record of partnering and empowering budding entrepreneurs through provision of tailored financial services and mentorship.
“Since 2022, Standard Bank has partnered with young entrepreneurs to grow their businesses by providing them with opportunities for incubation, networking, market linkages and tailored financing.
“We acknowledge the support from our partners Synergy Labs, Winrock International and LUANAR for contributing towards growth of Malawi’s young entrepreneurs through targeted incubation hubs in agriculture”, he said.
Through its strategic partnerships, Standard Bank Plc has conducted a series of pitch nights at which outstanding Phuka incubates have won seed capital to invest in their respective business.
The pitch night winners were drawn from agricultural and ecologically linked sectors of apiary and aquaculture
“With our Phuka platform, the stage is set for Standard Bank to play our role in uplifting small businesses to reach their full potential and play a meaningful role in contributing to national growth”, adds Chipande.
The awards will run between March and June every year.
The inaugural awards window will open from4th March 2025 March and the awards gala night on 11th April 2025.
Entries for the awards will be. Shortlisted by SMEDI and winners will be determined by an awards committee comprising of industry experts, SMEDI, Standard Bank and independent judges.
SMEDI Acting Cheif Executive Officer Chezani Otaniele lauds, “We are proud to partner Standard Bank in furthering our mandate to promote the growth and development of small and medium enterprises which are a catalyst for economic growth through job creation and as a source of raw materials for industry”.
The Phuka SME Awards will recognize excellence in key categories of Technology and innovation, Agriculture/Agribusiness, Sustainability, and the Arts Awards and grand winners under the categories of Young SME Achiever of the Year, Best Female-Led Business, Best SME in Job Creation and Best SME of 2024
A call for submissions for shortlisting into the Phuka SME Awards will be announced through the media, and on affiliated websites.