The First National Bank (FNB) Zambia has emerged as the main partner in the implementation of the Inaugural Manufacturers Month that is running from 23rd October 2023 to 24th November 2023.
The series of events in this Manufacturers Month have been called under the theme “Catalyzing Value Chains for Sustainable Growth: Leaving No One Behind” to demonstrate the backward and forward linkages that the manufacturing sector uniquely promotes.
Speaking on the strategic partnership with the Zambia Association of Manufacturers – ZAM, FNB Zambia Head – Business and Commercial, Kabanda Lilanda reiterated the Bank’s commitment to enabling sustainable growth for businesses of different scales through robust initiatives.
“At FNB Zambia, we are focused on being the bank of choice for businesses and we provide different solutions to help organizations start, run, and grow. FNB Zambia has committed ZMW500,000 towards the Manufacturers Month to ensure that we create linkages, provide opportunities for information sharing, and build awareness on the finance solutions available for SMEs and other businesses”, Mr. Lilanda said.
He added, “From July 2022 to September 2023, FNB Zambia has disbursed about K200 million in loans to SMEs and we remain open to stretching this assistance to qualifying firms. Our SME value propositions include Scored Credit, Trade Facilities such as Invoice Discounting, and Vehicle and asset financing for machinery, equipment, and other assets or capital requirements. This is an innovation born from taking time to understand our customers and their unique needs. Furthermore, we do support businesses in the Agro-processing value chain with facilities tailored to their business needs. As a Bank, we continue to assess opportunities for collaboration as part of the Government’s focus to drive Public Private Partnerships and deliberate interactions with organizations like the Zambia Association of Manufacturers.”
Meanwhile, ZAM Chief Executive Officer, Muntanga Lindunda said the partnership between ZAM and FNB Zambia signifies a robust commitment to fostering synergy between the financial sector and the manufacturing industry, recognizing the pivotal role each plays in driving prosperity.
He noted that the manufacturing sector continues to be faced with several challenges hindering the growth of the industry. Notably, financial constraints are among the main challenges coupled with others such as the high cost of production, unfair competition, lack of manufacturing skills, and many more.
Lindunda said the partnership is founded on the shared belief that by working hand-in-hand, both sectors can unlock new avenues for innovation, much-needed job creation, and overall economic advancement.
“ZAM is excited to partner with FNB Zambia to strengthen the ties between the financial and manufacturing sectors. We particularly look forward to a fruitful manufacturing sector by showcasing the performance of the domestic industry. The Manufacturers Month is the first of the many engagements that ZAM and FNB Zambia have planned in this partnership. The first activity taking place on the 23rd of November 2023 is the Trade Facilitation Conference which will provide an opportunity for dialogue between the manufacturers with relevant stakeholders such as the policymakers, financiers, and supply chain players to discuss some of the challenges and opportunities in trading in the SADC and COMESA regions.” He remarked.
“Other activities from this partnership will include access to tailored financial solutions for the manufacturers, knowledge sharing and capacity building to enhance financial literacy within the manufacturing community, and integration of cutting-edge financial technologies into the manufacturing processes, streamlining transactions, optimizing supply chains, and fostering a culture of innovation within the industry.”
ZAM and FNB Zambia further called on all stakeholders that have not yet registered to participate in the Manufacturers Month to do so, so that they do not miss out on the various events put in place to ensure maximum benefits to and from the manufacturing sector
