Lusaka, Zambia – The Zambia Development Agency (ZDA) and Absa Bank Zambia PLC have signed a Memorandum of Understanding to help Micro, Small and Medium Enterprises (MSMEs) access affordable financial services.

The MoU will also present an opportunity for MSMEs to access tailor-made business development support services to enhance their performance and competiveness. ZDA will after undertaking a baseline assessment, identify and recommend to Absa Bank Zambia, MSMEs in need of financial services.

Absa in consultation with ZDA will identify financial products suitable for the recommended MSMEs. Absa has a mandate to provide a wide array of tailor-made financial solutions to business enterprises including MSMEs, while ZDA has a mandate to facilitate trade and investment, and promote growth and development of MSMEs to spur economic diversification and job creation

The development agency will also continue to provide business development support services, coaching and mentorship services to the MSMEs recommended to Absa Bank Zambia, which will in turn provide business financing, financial extension and working capital facilities to the recommended MSMEs.

Speaking during the virtual MoU signing ceremony, Absa Bank Zambia PLC Managing Director, Mizinga Melu said, “We are excited as a Bank to formally sign this MoU with ZDA as we share the same vision of supporting the MSME segment grow their businesses and ultimately contribute to the growth of the economy. As Absa, we shall leverage on this partnership with ZDA and ensure that we train MSMEs on various business acumen, provide support in terms of access to export markets through trade expos and facilitate local market linkages.”

“The Bank also remains committed to driving the Financial Inclusion agenda through our Citizenship initiatives. Case in point is the support to MSMEs through Business Banking portfolio, Youth Mentorship Programme and the support to the vulnerable groups during this Covid-19 period,” Mrs Melu added.

And speaking at the same event, ZDA Director General Mukula Makasa said: “This collaboration will help solve some of the challenges that MSMEs face such as access to business financing and working capital. I am confident that this partnership will yield more positive results in the foreseeable future.”

The main objective of the signed MoU is to facilitate the provision of Business Financing and other business development services to MSMEs to enhance their business performance and improve competitiveness. Absa Bank Zambia PLC and ZDA remain committed to continue being strategic partners in development of the MSMEs segment in Zambia. 

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For further information please contact:

Laura Mushaukwa Hamusute

Communications and Public Relations Manager

Zambia Development Agency

Privatization House, Nasser Rd

Lusaka

Telephone: +260-211-220177/222858

Email: laura.mushaukwa.hamusute@zda.org.zm

Banji Lufungulo                                                            

Marketing and Communications Manager                                   

Absa Bank Zambia PLC                                                

Elunda Office Park                                                       

P.O. Box 31936                                                            

Lusaka                                                                         

Telephone +260 (211) 366 150                                       

Email: Banji.Lufungulo@absa.africa

About the Zambia Development Agency www.zda.org.zm

The Zambia Development Agency is Zambia’s premier economic development Agency with a multifaceted mandate of promoting and facilitating trade, investment and enterprise development in the country. The Agency is also responsible for building and enhancing the country’s investment profile for increased capital inflows, capital formation, employment creation and growth of the Medium Small and Micro Enterprise (MSME) Sector.

About Absa Bank Zambia PLC

Absa Bank Zambia PLC is one of Zambia’s leading financial institutions offering an integrated set of products and services across Corporate and Investment Banking, Business Banking with solutions for SMEs, and Retail Banking. Absa Bank Zambia PLC is part of Absa Group Limited, one of Africa’s largest diversified financial services groups. The Group has a presence in 12 African countries and representative offices in London and New York. Absa is a truly African brand with global reach, inspired by the people we serve and driven by our purpose of bringing possibility to life.

For more about Absa Bank Zambia PLC, its products and services, visit www.absa.co.zm