* Targets women in entrepreneurship, cross border trade, agriculture cooperatives, micro and medium businesses and village savings and loan associations
* To facilitate financial inclusion, enterprise development, digital and fintech literacy, networking and training through Phuka
By Duncan Mlanjira
Standard Bank Plc has renewed its partnership with the United Nations (UN) Women to help over 20,000 women gain access to capital and technical skills needed to boost their businesses.
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At the signing of a memorandum of understanding (MoU) in Lilongwe, Standard Bank Chief Executive, Phillip Madinga, unveiled that the cooperation with UN Women targets women in entrepreneurship, cross border trade, agriculture cooperatives, micro and medium businesses and village savings and loan associations.
He emphasised that Standard Bank is committed to improving women’s access to finance to clear their pathways in driving economic growth.
“Through our partnership, we aim to bridge the gaps that women in business face by providing financial inclusion support and resources and the enterprise development skills they need to, help improve their livelihoods and contribute meaningfully to Malawi’s economic development,” said Madinga.
Under the MoU, Standard Bank will facilitate financial inclusion, enterprise development, digital and fintech literacy, networking and training through Phuka — and support initiatives centred on economic empowerment for women and girls.
Madinga added that the objective of financial inclusion for women would be achieved by increasing women’s access to money through simplified account opening procedures and digital banking on-boarding, providing loans on flexible and subsidised repayment terms and facilitating financial literacy.
“When women are given access to the right opportunities with the right resources, not only do they uplift their lives, but their families and communities transform too,” he said.
On her part, UN Women Country Representative, Letty Chiwara, said the partnership with Standard Bank Plc will combine financial and technical expertise to advance the financial inclusion agenda for women in Malawi.
“This MoU brings two institutions that care a lot about women empowerment and gender equality,” she said. “We have agreed to work jointly by tapping into Standard Bank’s core capability in financing, and the technical expertise of UN Women.
“We will also work together on research and advocacy together to bring awareness about the value of investing in women,” she said.
Standard Bank’s cooperation with UN Women dates back to 2019 when the two institutions partnered on a Climate Smart and Resilience in Agriculture project for women in the Central Region.
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