Hamaundu urges banks to ease process of acquiring loans

Financial Analyst Mambo Hamaundu

Financial Analyst Mambo Hamaundu has appealed to commercial banks and financial lending institutions to ease the process of acquiring loans to encourage young people in the country to venture into entrepreneurship.

Mr. Hamaundu notes that just encouraging young people to create their own jobs by venturing into entrepreneurship is not enough as they need capital to start up their businesses which they do not have.

Mr. Hamaundu notes that there is need for commercial banks and micro finance institutions to come up with flexible policies that will enable young people access funds unlike the case is now where it is difficult for one to get a loan from these institutions.

He adds that as long as the process of acquiring a loan remains challenging, encouraging people to start up their own business will never come to fruition.

Mr. Hamaundu says even as the country has a shortage of jobs, if young people can access loans easily and start up businesses, it will help in creating jobs for their fellow young people and in turn contribute to the country’s revenue.

He has further called for the enhancement of financial literacy programmes to educate the public on the importance of accessing financial services in formal institutions such as commercial banks and micro-finance institutions.