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NBS BANK OFFERS FREE SME TRAINING



NBS Bank recognizes that Small and Medium Enterprises (SMEs) are important to developing nations like Malawi which are characterized by high poverty levels, high earnings discrepancies between the rich and the poor, and high level of unemployment. SMEs are key in solving these challenges through their contribution to Malawi’s Gross Domestic Product (GDP).

NBS Bank recognizes that SMEs face distinct challenges which do not apply to larger companies, but if addressed would result into a level playing field and therefore more growth in their total contribution to the economy. Apart from financial constraints, SMEs are constrained by their size to adjust to the ever changing market dynamics due to their knowledge constraints.

The Bank, therefore, decided to participate in bailing SMEs out by equipping them with entrepreneurial, occupational, financial, business and investment management skills, among others, which are well adapted to the changes in the environment through free SME clinics. To this end, the Bank offered a free SME training in the first week of November 2017. This training was facilitated by Small and Medium Enterprises Development Institute (SMEDI), which the Bank has partnered with in many other SME initiatives.

The training was also attended by the three winners of the Loto Langa promotion, who won a business of their choice as a way of equipping them with the necessary skills to start up and manage their businesses.

Loto Langa promotion was aimed at breeding new SMEs by setting up one per region. In the promotion, clients were required to deposit a minimum of K30, 000 into their Savings or Current accounts and maintain the money for at least a month

to qualify for both the monthly and grand prizes. The grand prize was a business of the winner’s choice, worth K5mn per winner. The three winners were Mr. T. Munthali from the Northern Region, Mrs. J. Uledi from Central Region and Mr. H. Bandawe from the Southern Region. The promotion period was from 1st May to 31st August, 2017. Apart from knowledge transfer, the training aimed at encouraging SMEs to share experiences and was a platform for the development of vital networks which are essential in problem solving and in taking up large orders through syndication.

This initiative is in addition to the customized advisory services that NBS Bank’s Relationship Managers provide to SMEs through periodic one-on-one engagements.

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