New Micro Credit Agency Open Doors In Malawi
Local micro, small and medium enterprises have a chance of boosting their entrepreneurship and capabilities through access to financing following the rolling out of operations by a new Malawian Micro Credit Agency.
Called Nagowa Finance Limited, the financial service provider, has opened its doors, after being granted a license by the Reserve Bank of Malawi on 10th December 2021.
According to its Chief Executive Officer Robert Kapyepye, its products are tailored to meet the aspirations of the country's development blueprint, the Malawi 2063.
"In the journey towards MW 2063, we are aware of the acute shortage or meagre levels of access to finance being experienced by MSMEs. We have gathered prevalent bottlenecks such as demand for low-density residential properties as security, neatly packed in traditional products T&Cs amongst others.
"In addition, we have taken a keen interest in deliberate catalysts to spur the MSME sector taken by the Ministry of Trade through the MSME policy enactment. We are geared to take a leading role in supporting this great policy through the provision of pragmatic client solutions, great client service, exposing young talent, and deployment of robust operating systems," says Kapyepye.
He adds that his institution is moving in tandem with the MW 2063 which emphasizes on addressing the needs of marginalized groups in particular women and the youth.
"We are very passionate about women entrepreneurs and we are committed to taking deliberate strides both in product and service delivery to advance the agenda MW 2063 on increased access to finance," Kapyepye says.
The CEO believes that the deliberate positive steps taken will have a positive ripple effect in the microfinance sector's contribution to the advancement of women and youth as we progress as an institution. The company has invested about 100 million kwacha into the venture.
Many MSMEs in Malawi struggle to access cheap financing to boost their businesses.