SMEs Development Minister Praises Ecobank For Supporting Local Vendors in Lusaka

Elias Mubanga, Small and Medium Enterprise (SMEs) Development Minister, has thanked Ecobank for working with the government to support local vendors in Lusaka.

 Ecobank has been providing market workers with capital in order to boost their business.

 During the Ecobank Day, held at the Michael Chilufya Market in Lusaka, Mr Mubanga thanked the bank for offering loans to lenders to reinvest into their business.

 Currently, the loan programme plans to target one million SMEs throughout Zambia.

 Mr Mubanga also outlined that lenders should learn to use the funds effectively and to approach the ministry for help if needed.

 He stated, “The marketers receiving the financial empowerment funds from Ecobank should use it wisely to benefit them, this relationship with the bank is beneficial and commendable.”

 Further, the minister outlined his and the New Dawn Government’s support for SMEs as they contribute to 90% of the country’s economy.

 Oldaji Charmel, Ecobank Managing Director, also described his pleasure at helping develop financial literacy and inclusion among vulnerable vendors.

 He said, “Ecobank day provides us with an opportunity to display our commitment to giving people the necessary knowledge and skills expected to address essential and everyday money decisions such as budgeting and saving.”

During the Ecobank event, Mr Charmel donated a cheque worth K250,000 to local marketers.