Absa pumps K3.3m in innovation hubs

ABSA Bank Zambia says it is investing about K3.3 million in putting up innovation hubs in Solwezi district of North western province and four other districts across the country.

The hub which is the first of its kind in Solwezi, is aimed at mentoring and training upcoming entrepreneurs.

Speaking during the launch of the first Absa Innovation Hub in Solwezi, Absa Bank Zambia managing director Mizinga Melu disclosed that the hub will be managed in partnership with Jacaranda Hub.

Ms Melu said this is in order to support the start ups and entrepreneurs outside the developed cities such as Lusaka where business incubators and accelerators are highly concentrated.

“These hubs will be fully funded by Absa and I am glad to announce that our initial investment into this project is K1,300,000 and the hub will be fully managed by Jacaranda Hub under the NextGen program,” said Ms Melu.

She said through the innovation hubs, the mentorship for businesses will be conducted for a period of at least eight weeks for sectors such as mining, agriculture, services among others and capacity build them by doing business across the country from within the hub.

She said the hub is also meant to cut down the cost on a few things that make business expensive such travelling to other towns in order to pitch.

She said the bank has committed to not only provide infrastructure but also to provide training in fundamental skills of business, capacity building, skills development, investor readiness, mentorship and coaching required for their success.

“And just this year alone, 100 start ups will be trained in Solwezi and 500 across the country,” she said.

And minister of Technology and Science Felix Mutati who graced the event said the task of repairing the country’s economy will not be easy and that one of the available options will be to turn ideas into business and seizing the opportunities that will encourage investment, given the incentives provided in next year’s national budget.

He said government was creating opportunities by making it easy for entrepreneurs to do business by way of dealing with administrative barriers.

He said the success of SMEs in the country is dependent on innovation, science and technology which the hubs are designed on.

He said government through his ministry will endeavor to support and create policies that will foster collaborative initiatives from both private and public sector players.

“And the ecosystem around which the innovation hub revolves will make it possible to carry out various projects, all of which have several points in common and include promotion of youth entrepreneurship,” he said.

Meanwhile, Jacaranda Hub Chief Executive officer Mara Michelo said her organization is committed to lobbying from government and the corporate world on behalf of the start ups to ensure that a vibrant environment for the youth is created as the business value chain

residence after she fled needs a coordinated structure.