NMB Bank is calling for Small-to-Medium Enterprises (SMEs) to utilize advisory services offered through its dedicated branch, NMB SME Banking Unit. Mr. Erasmus Bhunu, NMB SME Banking Unit head said his bank will support the development of SME’s by discussing with its SMEs clients about their needs (both financial and non financial) and in turn advising them on best alternative options.
While business advisory services can significantly improve the business of SMEs, they are still not used sufficiently and a certain number of SMEs are unaware of these kinds of services. Mr. Bhunu said;
The NMB vision is to go beyond banking. We want to support the development and growth of SMEs…………Our advisory services are important. We have found over the years that SMEs want a strong relationship with a bank that offers more than just money. We see ourselves as a partner with our SME clients in their growth
SMEs comprise a significant share of Zimbabwe’s production sector, therefore making it a big contributor to national GDP and economic growth. And several banks have lately been trying to partake in the growth of SMEs by investing millions of funds. However, in order to continue seeing growth in these enterprises, it is not only necessary to provide financial resources for their establishment and development, attention ought to be paid to business advisory support.
This is a good initiative because most SMEs lack the necessary experience and require a lot of guidance from mentors (who may come in the form of banks or dedicated advisory companies) who can help to shorten the SMEs learning curve through advising them. The move will somewhat portray NMB Bank as a little more than a ‘transactional’ financial institution.