LILONGWE-(MaraviPost)-Standard Bank Pic on February 28, 2025 launched the “Phuka SME Awards to recognicle the position of small busnesses in contributing to employment and seonomic restoration efforts.
In partnership with the Small and Medium Enterprises Development Institute (SMEDI) the awards intention to inspire Micro, Smail and Medium sized Enterprises (MSMEs) to seize alternatives within the nation’s economic system by means of entrepreneurship and innovation
“Entrepreneurship thrives on responding to challenges and solving complex economic and societal problems. Through these prestigious awards Standard Bank Plc would like to recognize and partner those MSMEs rising to the occasion in helping address Malawi’s economic proplems through innovative approaches,” stated Head of Business and Commercial Banking (BCB) Graham Chipande on the launch of the awards.
Malam has over 1.6 million MSMEs who contribute about 47% to the nation’s GDP
Chipande stated Phuka SME Awards-an extension of the Phuka Incubation Program-build on Standard Bank’s monitor report of partnering and empowering budding entrepreneurs by means of provision of tailor-made monetary providers and mentorship.
“Since 2022, Standard Bank has partnered with younger entrepreneurs to develop their companies by offering them with alternatives for incubation, networking, market linkages and tailor-made financing.
“We acknowledge the support from our partners Synergy Labs, Winrock International and LUANAR for contributing towards growth of Malawi’s young entrepreneurs through targeted incubation hubs in agriculture”, he stated.
Through its strategic partnerships, Standard Bank Plc has performed a sequence of pitch nights at which excellent Phuka incubates have received seed capital to put money into their respective enterprise.
The pitch evening winners had been drawn from agricultural and ecologically linked sectors of apiary and aquaculture
“With our Phuka platform, the stage is set for Standard Bank to play our role in uplifting small businesses to reach their full potential and play a meaningful role in contributing to national growth”, provides Chipande.
The awards will run between March and June yearly.
The inaugural awards window will open from4th March 2025 March and the awards gala evening on eleventh April 2025.
Entries for the awards might be. Shortlisted by SMEDI and winners might be decided by an awards committee comprising of business consultants, SMEDI, Standard Bank and unbiased judges.
SMEDI Acting Cheif Executive Officer Chezani Otaniele lauds, “We are proud to partner Standard Bank in furthering our mandate to promote the growth and development of small and medium enterprises which are a catalyst for economic growth through job creation and as a source of raw materials for industry”.
The Phuka SME Awards will acknowledge excellence in key classes of Technology and innovation, Agriculture/Agribusiness, Sustainability, and the Arts Awards and grand winners below the classes of Young SME Achiever of the Year, Best Female-Led Business, Best SME in Job Creation and Best SME of 2024
A name for submissions for shortlisting into the Phuka SME Awards might be introduced by means of the media, and on affiliated web sites.
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