Government launches digital finance platform to boost…

Speaking during the launch in Lusaka, Minister of Technology and Science Felix Mutati described the initiative as transformational as it will allow MSMEs to apply for loans, among other financial support from any part of the country through a digital system. Mr Mutati said the platform is expected to bridge the financing gap affecting many small businesses, particularly those in rural and underserved areas. “This platform is not only about technology but about creating opportunities for our people,” he said.

The Minister added that the digital finance platform will help the Ministry of Small and Medium Enterprise Development effectively track empowerment beneficiaries, eliminate irregularities in the system and ensure that support reaches genuine entrepreneurs. He has since urged small business owners to embrace digital innovation in order to improve productivity and contribute to national economic growth. Meanwhile, Ministry of Small and Medium Enterprise Development Permanent Secretary, Subeta Mutelo disclosed that government has so far awarded over K11 million in grants to 31 industrial yard MSMEs from Kafue, Ndola and Kitwe.

Ms Mutelo said the newly launched digital supply chain finance platform will make it easier for MSMEs to access grants and loans provided by government and cooperating partners. “MSMEs contribute significantly to the country’s economy and this platform will ensure that entrepreneurs have easier access to financial opportunities that can help grow their businesses,” she stated. The Permanent Secretary went on to state that about 97 percent of MSMEs currently contribute to the country’s economy and remains key to job creation and poverty reduction. And Fauree Link Director Sib Ali said the firm is focused on building full stack national digital platforms aimed at improving financial accessibility for SMEs.