THE Private Enterprise Programme- Zambia has singed a memorandum of Understanding with Focus Financial Services, with the aim of connecting the top 20 finalists, and other deserving semi-finalists in the Nyamuka Zambia business plan competition to make available capital amounting to K2 million.
Speaking before the signing ceremony, Focus Financial Services Deputy Chief Executive GEORGE MUBIPE said Focus is keenly ...aware of the highly enterprising and diverse needs of SMEs who come from every imaginable sector in the economy.
Mr. Mubipe indicated that it is because of this background that Focus had to think ‘differently’ in order to become a real solutions provider to this high growth sector.
"Our model is a departure from the complexity of traditional finance defined by highly convoluted and lengthy decision-making processes. We are delighted to be a part of the Nyamuka initiative through this agreement,” said Mr. Mubipe.
He said the MoU is consistent with Focus’s aim to support small and medium-sized enterprises (SMEs).
Mr. Mubipe further stated that Focus’ working capital business is its pioneer innovation designed to create opportunity and build SME capacity to participate in economic activity and foster SME growth to allow for long-term sustainability
And PEPZ Programme Manager BAYO AKINDEINDE disclosed that under the terms of the agreement Nyamuka Zambia will introduce the finalists in its business plan competition, many of whom already have functioning small and medium-sized enterprises (SMEs), to Focus for an injection of working capital.
Mr. Akindeinde noted that SMEs face numerous challenges in a quest to expand their businesses.
He outlined that access to markets and financial lenders are among other difficulties the enterprises have to face.
The agreement between the two organizations means that Entrepreneur finalists under the Nyamuka Zambia business plan competition and other deserving semi finalists could now have access to funding to support their operations and the realization of their business ideas.
The memorandum of understanding also seeks to provide crucial working capital required by small-scale entrepreneurs to set up or expand their enterprises and guarantee their longer-term sustainability.