Mining & Trade News

Sycamore Credit Limited, one of Malawi’s fastest growing microfinance institutions, has earmarked the country’s Micro, Small Medium Enterprises (MSME’s) as a priority sector for its wide ranging credit facilities.

The company’s Managing Director, Audrey Mwala, said the business growth experienced in the past year has necessitated expansion of services to accommodate a diverse range of clients seeking reliable and affordable services.

“In 2021, we introduced a new package targeting micro enterprises that are involved in selling of day to day consumables including vegetables,” she stated explaining that the initiative was one of the company’s biggest strides in ensuring financial inclusion.

Despite being affected by client failure to timely settle loan repayment targets, Mwala, stressed that Sycamore Credit Limited will continue to counter some of the Covid-19 knock-on effects on MSME’s by being more innovative.

“The unstable business environment experienced by our clients due to the pandemic has negatively reflected back to us,” she said pointing out that her company intends to expand its group lending facility to ensure that SME’s needing credits are adequately assisted.

She said Sycamore Credit Limited has since secured a special credit facility through the private sector led Malawi Industrial and Agriculture Corporation (MAIIC), which will facilitate access to financial services for deserving SME’s who have formalized their enterprises.

Mwala appealed to SMEs to formalize their businesses to win support from different microfinance institutions because they lack proper identification.

Sycamore Credit Limited opened its doors for operations in 2018 when it started to provide credit solutions to salaried employees, MSME’s as well as informal businesses.

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