In a bid to ensure sound access to financial services including loans to the youth, the National Bank of Malawi (NBM) has launched a facility known as Step-Up Finance entrepreneur product.
This has come due to among other reasons concerns that youthful and budding business players are facing challenges in accessing vital financial backups.
And according to Ian Kuntaja, Account Relation Manager at NBM, the facility will also enhance financial inclusion for most young entrepreneurs by making it easy for them to access various financial services offered under the Small to Medium Enterprises (SMEs) product offering including access to credit without offering security.
‘’ As you may notice, the bank has placed the product for young entrepreneurs already doing business, and those with potential and innovative business ideas to be considered for financing by the bank and an inclusion of access through our digital platforms’’ said Kuntaja.
By extension, the bank will also be training the beneficiaries to ensure that the funds are put into good use.
‘’To check and monitor the progress, we will therefore be offering Business management workshops through a specifically created office of an Account Relationship Manager.”
The Step-Up finance Entrepreneur product is open to all young entrepreneurs falling within the age group of 21 to 35 years and to qualify for the product package.
Through the product, customers will need show and satisfy among other things that they have operated an account with the bank for at least 1 year or provide statement from other banks for the same period to ascertain the level of their business, their average monthly account turnovers must not exceed MK8.4
Million and their business plans and financial records should be made available.
Some of the benefits of this account is that customers will have the ability to connect to both Mo626 Digital+ and Banknet 360 which will both be accessed at 50% of the service fees applicable to the normal business account and the Bank shall hold regular interactions with the young entrepreneurs for promotion of quality leadership and effective business management skills.
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