The signing of a Memorandum of Understanding (MOU) between the Ministry of Small and Medium Enterprise Development and MTN Zambia today has marked a pivotal moment in the journey towards fostering the growth of Micro, Small, and Medium Enterprises (MSMEs) in Zambia. The three-year partnership is set to redefine the landscape for these enterprises and create a conducive environment for their development.
Minister of Small and Medium Enterprise Development in Zambia, Hon Elias Mubanga shared that the MOU signifies a shared vision, common goals, and a mutual commitment to fortify the MSME sector. He added that the New Dawn Government, through the Ministry, emphasizes collaboration with private sector entities like MTN Zambia to drive economic growth. This partnership aims to provide crucial support in areas such as market linkages, trade facilitation, investment opportunities, access to finance, training, capacity building, and research and development. It reflects a strategic move towards strengthening the MSMEs, which are the backbone of the nation’s economy.
Ministry of Small and Medium Enterprise Development Permanent Secretary, Mrs Subeta Mutelo said that the MOU results from extensive deliberations and consultations, highlighting the importance of a strategic relationship with MTN Zambia. Mrs Mutelo emphasized that this collaboration opens a new chapter for the nation’s MSMEs, as the partnership is poised to shape the future of these enterprises by providing the necessary resources and support for their growth and development.
MTN Zambia CEO, Abbad Reda added his insights about the transformative power within the MSME sector. He underscored the vital role of SMEs in Zambia’s socio-economic fabric, stating that SMEs represent a significant portion of the nation’s enterprises and opportunities. The CEO outlined MTN’s commitment to empowering local enterprises through various services and products in the digital age. These include MTN Business, Y’ello Biz App, and MoMo Pay, all aimed at providing MSMEs with tools for success:
● MTN Business: A dedicated department offering customised solutions for MSMEs, including internet connectivity, bundles, devices, and business support services.
● Y’ello Biz App: A mobile phone application that offers a comprehensive business directory that makes it easy to locate
businesses and government agencies across the country
● MoMo Pay: A mobile money platform that enables MSMEs to receive and make payments quickly and conveniently, improving their cash flow and financial management.
He emphasized that the MOU amplifies MTN Zambia’s commitment to promoting entrepreneurship, fostering growth, and driving inclusive development in Zambia. The collaboration is poised to unlock the untapped potential of the MSME sector, creating economic opportunities and strengthening relations between the organizations. The CEO expresses confidence that the MOU will significantly impact the Zambian MSME landscape, providing tangible benefits to local businesses.