By CHATULA KANGALI –

THE Kitwe Chamber of Commerce and Industry (KCCI) has called for the formation of a Small and Medium Entrepreneurs (SMEs) bank in Zambia.
KCCI president Allan Nyirenda said there was need for the formation of a bank for SMEs to enable them to start, grow and compete in business.
He said most SMEs had challenges of enterprise development due to high interest rates and lack of collateral which could enable them borrow money from regulated lending institutions.
“Most of our members are unable to develop because they cannot easily borrow money from banks and other financial lending institutions. As a chamber, we are looking forward to having a bank for SMEs in Zambia that will offer affordable interest rates to our members,” he said.
Mr Nyirenda said this during the presentation of the Finscoope 2015 top line findings at the Bank of Zambia regional office in Ndola last week.
He said that it required SMEs to go through a long process in borrowing money from banks and other financial lending institutions.
Meanwhile, KCCI has recorded a decrease in poor workmanship from its members contracted in the construction works.
Mr Nyirenda said the chamber had been teaching its members corporate governance and management of resources once offered a contract.
He said the issue of its member’s spending money irresponsibly and offering shoddy works when offered contracts was long gone.
Mr Nyirenda urged Zambian companies to develop trust in local contractors.