By: Hertha Ekandjo
President Nangolo Mbumba has urged local banks to adopt a more proactive stance in funding small and medium-sized enterprises (SMEs) to develop the economy.
He called on them to explore avenues that significantly reduce collateral requirements and incorporate more equity-based financial instruments.
During a recent engagement with managing directors and chief executive officers of commercial banks, Mbumba emphasised the crucial role of local banks in fostering national development, particularly through increased support for SMEs.
He highlighted the importance of social inclusion, stressing that banks should not merely prioritise profits but also strive for social equity and inclusion, aiming to integrate unbanked segments of society through innovative banking solutions such as mobile banking.
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