Opportunity Bank of Malawi launches credit facility targeting SMEs
Opportunity Bank of Malawi has introduced a credit facility targeting SMEs which will see the bank’s customers get up to $140,000 loan to expand their businesses.
The bank while launching the new facility pledged to continue introducing new products aimed at transforming people’s lives.
According to OBM’s chief executive officer Kwanele Ngwenya, the new loan facility is targeted at the bank’s customers, who have migrated from macro business entrepreneurship to small medium enterprises (SMEs).
“We have had customers, who have grown with us from small scale to small medium enterprise but they have ended up going to other banks in order to access bigger loans. We want such customers to remain with us so that we help them migrate to large corporate businesses,” said Ngwenya.
The OBM CEO further said the bank would be offering free training on entrepreneurship and management of finances to the loan beneficiaries to enable them make good use of the finances.
Under the new loan scheme, customers can borrow money from the bank ranging from $14,000 to $140,000.
The launch was presided over by Malawi Confederation of Chambers of Commerce and Industry (MCCCI) president Karl Chokotho, who described SMEs as a crucial sector of the country’s economy.
“Research that was conducted in 2012 showed that there are over 700,000 small medium enterprises in Malawi employing over one million people. The figures could be higher by now because the research was done four years ago. SMEs are a major driver of the economy and empowering these groups will contribute to economic growth.
“As a Chamber, we are pleased with the strides being made by OBM, which started as a micro-finance bank but has now graduated into a fully-fledged commercial bank,” said Chokotho.
