Provide conducive banking services, says Minister

FINANCIAL institutions should provide conducive banking services to enable different businesses have access to funds for investment in new avenues that will assist grow their capital base, North Western Province Minister Richard Kapita has urged.

Mr Kapita told the Daily Nation in an interview that most businesses especially micro, small and medium enterprises (MSMEs) experienced challenges in growing their capital base due to lack of adequate capital. He said there was need for banks to consider revising their loan conditions so that MSMEs could have access to loans to grow their businesses.

‘’It is common everywhere that MSMEs are failing to grow their capital base because they can’t access loans due to stiff conditions attached. So, it is my appeal to banking houses to consider revising their conditions so that our people can have access to these loans and grow their businesses,’’ he said.

He said MSMEs could only participate and compete with either national and multinational companies if they had opportunities to access to high capital investments.

He further appealed to traditional leaders to help MSMEs with land because this was a common form of collateral to raise capital for businesses.

He said the prudent selection of capable and responsible MSMEs and Zambian business persons in their areas was key for generating economic value from the natural resources.

“And to the MSMEs and business person, if you are entrusted with these resources, please work hard and ensure that you pay back the loan,’’ he added.