Standard Bank Plc has launched the “Phuka SME Awards” to acknowledge the function of small companies in contributing to employment and financial restoration efforts.
The awards, run in partnership with the Small and Medium Enterprises Development Institute (SMEDI), purpose to inspire Micro, Small, and medium-sized Enterprises (MSMEs) to grab alternatives within the nation’s financial system by way of entrepreneurship and innovation.
According to Graham Chipande, Standard Bank’s Head of Business and Commercial Banking, the awards are a gateway to the expansion of SMEs who’re enjoying a crucial function within the nation’s financial system.
“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 with those MSMEs rising to the occasion in helping address Malawi’s economic problems through innovative approaches,” stated Chipande.
Chipande stated the Phuka SME Awards—an extension of the Phuka Incubation Program—construct on Standard Bank’s observe document of partnering and empowering budding entrepreneurs by way of the supply of tailor-made monetary providers and mentorship.
“Since 2022, Standard Bank has partnered with young entrepreneurs to grow their businesses by providing them with opportunities for incubation, networking, market linkages, and tailored financing. We acknowledge the support from our partners Synergy Labs, Winrock International, and LUANAR for contributing towards the growth of Malawi’s young entrepreneurs through targeted incubation hubs in agriculture,” he stated.
Through its strategic partnerships, Standard Bank Plc has carried out a sequence of pitch nights at which excellent Phuka incubates have gained seed capital to put money into their respective enterprise. The pitch night time 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,” stated Chipande.
Recognizing the essential roles of entrepreneurs, Chezani Otaniele stated that the awards current alternatives for the expansion of the SME sector.
“We are proud to partner with 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,” stated Otaniele.
The Phuka SME Awards will acknowledge excellence in key classes of Technology and Innovation, Agriculture/Agribusiness, and Sustainability, and the Arts Awards and grand winners beneath the classes of Young SME Achiever of the Year, Best Female-Led Business, Best SME in Job Creation and Best SME of 2024.
The awards will run between March and June yearly. The inaugural awards window will open from 4th March 2025 March and the awards gala night time on eleventh April 2025. Entries for the awards will probably be shortlisted by SMEDI winners and will probably be decided by an awards committee comprising trade consultants, SMEDI, Standard Bank, and unbiased judges.
A name for submissions for shortlisting into the Phuka SME Awards will probably be introduced by way of the media, and on affiliated web sites.