Zambian MSMEs 'must be able to access credit'
Micro, small and medium enterprises (MSMEs) in Zambia need improved access to credit if they are to grow.Micro, small and medium enterprises (MSMEs) in Zambia need improved access to credit if they are to grow.
This is according to Commerce, Trade and Industry Minister Bob Sichinga, who claimed the government has prioritised these businesses to ensure their successful development, the Times of Zambia reports.
He stated that cost-effective credit facilities are required, as MSMEs have been experiencing difficulty in accessing this sort of finance for some time.
As a result, their growth from small to larger companies has been hampered, Mr Sichinga explained in a speech given in Lusaka yesterday (November 2nd).
He added that business skills also need to be improved if MSMEs are to expand, while they require access to both regional and international markets.
It was recently announced that Ecobank Transnational Incorporated and mobile operator Bharti Airtel are teaming up to launch new mobile banking services in some African countries, including Zambia, in a bid to improve access to finance for the unbanked population.