Mbabane- In a significant move to bolster Micro-Small Medium Enterprises (MSMEs) growth, Eswatini Bank has announced a strategic partnership with Small Enterprise Development Community (SEDCO).
Addressing stakeholders at Eswatini Bank Auditorium in Mbabane, the Managing Director (MD) Nozizwe Mulela reaffirmed the bank’s commitment to supporting the small business community through innovative financial solutions and capacity building initiatives.
“MSMEs are the engine of our economy,”Mulela said.
“However, they face significant hurdles, particularly in accessing the financial resources necessary to innovate and expand.”
She added that the partnership was a dedicated approach to overcoming challenges.
The essence of this collaboration lies in the development of a robust ecosystem designed to nurture entrepreneurship and facilitate access to essential resources, Mulela said.
According to the bank’s MD the initiative will include tailored financial products, expert mentorship, and comprehensive business development services, all aimed at equipping local entrepreneurs with the tools needed to navigate a competitive marketplace.
“By doing so, we are laying the foundation for a future where the MSMEs can play an even more prominent role in shaping the economic landscape of Eswatini,” Mulela said.
Also sharing her sentiments, the SEDCO Chief Executive Officer, Khethiwe Mhlanga, said the agreement was a milestone to the organisation.
Mhlanga said that it now shows that the financial sector was supportive of SMMEs.
“I deeply appreciate the open arms that Eswatini Bank received us with when we came knocking on their doors trying to find solutions on how best to serve the MSMEs,” she said.
“We have formalised the deal through the signing of the MoU. This signing might be for five years to somebody but we are looking at what we are going to do with these five years to impact Emaswati to improve their livelihood; to ensure that their businesses grow.
Mhlanga said they want to be known as ambassadors of Eswatini Bank and will continue to support SMMEs.
SEDCO said the support would:
- Strengthen SMMEs work
- Have SMMEs graduate to main business
- Access to finance
The partners both shared that this partnership was expected to establish a ripple effect, generating a more sustainable and competitive business environment that ultimately benefits the wider community.
