Standard Bank has pledged continued support for young entrepreneurs and small- to medium-sized enterprises (SMEs) as part of its commitment to fostering investment growth and youth empowerment in Malawi
Speaking at the 2025 MSME Networking Event under the Business Acceleration for Youth Project, hosted by Alliance Biodiversity and the International Center for Tropical Agriculture (CIAT) in Lilongwe, Standard Bank Chief Executive Officer Phillip Madinga highlighted the potential that lies in youth-driven businesses. He urged young business owners to remain focused, seek mentorship, and plan for the long term.
“There are many opportunities for youth in business, but they must be willing to connect with mentors and aim to build a lasting legacy,” Madinga said. “They must not underestimate themselves—they are vital to Malawi’s economic future.”
Oganive Chingakule, the Business Incubation and Acceleration Officer for the Business Acceleration for Youth Project at CIAT, noted that over the past two years, the initiative has supported hundreds of SMEs through technical assistance.
“We’ve successfully incubated over 500 young entrepreneurs in nine districts across Malawi. Each of these beneficiaries received grants of over K2.5 million to help boost their ventures,” Chingakule said, adding that the program targets both youth founders and those interested in supporting young people in business.
Francis Mwamadi, Training Manager for the Small and Medium Enterprises Development Institute (SMEDI), emphasized the importance of mentorship and capacity-building programs in empowering the youth. He noted that several government-backed initiatives, including those in collaboration with financial institutions, are helping to address key challenges faced by MSMEs—especially in accessing loans.
“The Government of Malawi, through its partnership with the World Bank, rolled out the Financial Inclusion and Entrepreneurship Scaling (FInES) initiative. This program strengthens the MSME sector by working with various institutions like Standard Bank,” said Mwamadi.
So far, Standard Bank has disbursed over K2 billion in loans to support MSMEs under the FInES initiative. The total value of the project, which includes contributions from multiple stakeholders, stands at over $65 million, all aimed at boosting small-scale entrepreneurship in Malawi.
(By Andrew Kadzonda)