• The MoU will also present an opportunity for MSMEs to access tailor-made business development support services.
• This collaboration will help solve some of the challenges that MSMEs face such as access to business financing and working capital.
• The Bank shall leverage on this partnership with ZDA and ensure that MSMEs are trained on various business acumen.

Zambia Development Agency (ZDA) and Absa Bank Zambia PLC have signed a Memorandum of Understanding to help Micro, Small and Medium Enterprises (MSMEs) access affordable financial services.

Speaking during a Virtual the virtual MoU signing ceremony, ZDA Director General Mukula Makasa noted the MoU will also present an opportunity for MSMEs to access tailor-made business development support services to enhance their performance and competitiveness.

Mr. Makasa said ZDA will after undertaking a baseline assessment, identify and recommend to Absa Bank Zambia, MSMEs in need of financial services.

“This collaboration will help solve some of the challenges that MSMEs face such as access to business financing and working capital. I am confident that this partnership will yield more positive results in the foreseeable future,” he said.

And Absa Bank Zambia PLC Managing Director Mzinga Melu said the Bank shall leverage on this partnership with ZDA and ensure that MSMEs are trained on various business acumen, provide support in terms of access to export markets through trade expos and facilitate local market linkages.

Mrs. Melu noted the Bank also remains committed to driving the Financial Inclusion agenda through their Citizenship initiatives.

She added that “Case in point is the support to MSMEs through Business Banking portfolio, Youth Mentorship Programme and the support to the vulnerable groups during this Covid-19 period.”

According to the Zambia Development Agency, the main objective of the signed MoU is to facilitate the provision of Business Financing and other business development services to MSMEs to enhance their business performance and improve competitiveness.

ZDA said the two intuitions remain committed to continue being strategic partners in development of the MSMEs segment in Zambia.