Small & Medium Enterprise Corporation members participating in micro and small scale commercial activities will now have access to financial services through the Mama Bank after a Memorandum of Agreement was signed between SMEC and Mama Bank on Friday 11th March 2022.
“When we educate or when we support women through such partnerships like this, we are educating or supporting the entire family, the community, district, province and the country.”
“That is the foundation of development.”
“We are viewing that supporting women is the way forward for the country,” said Managing Director of SMEC, Mr Petrus Ralda.
The SMEC has given funding of K100, 000 as cash Security Guarantee to the Mama Bank to operate as security deposit for on-lending to the people that have undergone training and graduating through SMEC.
The Mama bank through its branches around the country will offer lending products for micro, small and medium enterprises operating in targeted areas in the country.
Both parties have agreed that lending will only be made available to income generating businesses such as tailoring, trade stores, fishing, poultry and arts & crafts selling.
Mr Ralda said that 80% of mothers are living in the rural areas and SMEC will be providing capacity building programs to them starting from the wards. Once these mothers receive the training then they can have access to finance through the bank.
They will be able to get a minimum loan amount of K1, 000 to a maximum loan amount of K5, 000.
He added that they (SMEC) are excited to start this partnership and expand and perfect it along the way.
Meanwhile, Chief Executive Officer of Mama Bank, Mr Gunanidhi Das said that this will help make way for people to have access to funds to enable them to play a more active role in the development of the economy.