SME’s faced with challenge of access to financing- Mubanga

Minister of Small and Medium Enterprise Development Elias Mubanga says the high interest rates by financial lending institutions in the country hinder the growth of SME’s and the development of the economy.

Mr. Mubanga says SME’s are the backbone of the country’s economy and need to operate in an enabling environment for them to thrive and meaningfully contribute to the growth of the economy.

He however, notes that SME’s are faced with the challenge of access to financing.

Mr. Mubanga has stressed the need for the financial sector to lower the cost of borrowing particularly for the SME’s. 

The minister was in Lusaka during the launch of the Atlas Mara bank new SME customer value proposition and the SME application on the Zambian market.

Speaking earlier, Atlas Mara bank acting Chief Executive Officer, Bobbline Cheembela is elated with government’s continuous support to the financial sector, as well as for fostering a diversified and inclusive economy.

Mr Cheembela says the bank is aware of President Hakainde Hichilema’s vision to improve financial services for Zambians and encourage investment.

He notes that this is been done through carefully designed policies and financial inclusion efforts aimed at establishing a strong national development action plan which highlights the economic reform program to meet the aspirations of Zambians and deliver on the national vision of 2030.

Mr. Cheembela says the launched SME value proposition is based on a comprehensive set of workable and scalable solutions that will enable over 16,000 Atlas Mara SME customers to transact efficiently and effectively.