Standard Bank Plc has launched the “Phuka SME Awards” to recognize the role of small businesses in contributing to employment and economic recovery efforts.
The awards, run in partnership with the Small and Medium Enterprises Development Institute (SMEDI), aim to motivate Micro, Small, and medium-sized Enterprises (MSMEs) to seize opportunities in the country’s economy through entrepreneurship and innovation.
According to Graham Chipande, Standard Bank’s Head of Business and Commercial Banking, the awards are a gateway to the growth of SMEs who are playing a critical role in the country’s economy.
“Entrepreneurship thrives on responding to challenges and solving complex economic and societal problems. Through these prestigious awards Standard Bank Plc would like to recognize and partner with those MSMEs rising to the occasion in helping address Malawi’s economic problems through innovative approaches,” said Chipande.
Chipande said the Phuka SME Awards—an extension of the Phuka Incubation Program—build on Standard Bank’s track record of partnering and empowering budding entrepreneurs through the provision of tailored financial services and mentorship.
“Since 2022, Standard Bank has partnered with young entrepreneurs to grow their businesses by providing them with opportunities for incubation, networking, market linkages, and tailored financing. We acknowledge the support from our partners Synergy Labs, Winrock International, and LUANAR for contributing towards the growth of Malawi’s young entrepreneurs through targeted incubation hubs in agriculture,” he said.
Through its strategic partnerships, Standard Bank Plc has conducted a series of pitch nights at which outstanding Phuka incubates have won seed capital to invest in their respective business. The pitch night winners were drawn from agricultural and ecologically linked sectors of apiary and aquaculture.
“With our Phuka platform, the stage is set for Standard Bank to play our role in uplifting small businesses to reach their full potential and play a meaningful role in contributing to national growth,” said Chipande.
Recognizing the important roles of entrepreneurs, Chezani Otaniele said that the awards present opportunities for the growth of the SME sector.
“We are proud to partner with Standard Bank in furthering our mandate to promote the growth and development of small and medium enterprises which are a catalyst for economic growth through job creation and as a source of raw materials for industry,” said Otaniele.
The Phuka SME Awards will recognize excellence in key categories of Technology and Innovation, Agriculture/Agribusiness, and Sustainability, and the Arts Awards and grand winners under the categories of Young SME Achiever of the Year, Best Female-Led Business, Best SME in Job Creation and Best SME of 2024.
The awards will run between March and June every year. The inaugural awards window will open from 4th March 2025 March and the awards gala night on 11th April 2025. Entries for the awards will be shortlisted by SMEDI winners and will be determined by an awards committee comprising industry experts, SMEDI, Standard Bank, and independent judges.
A call for submissions for shortlisting into the Phuka SME Awards will be announced through the media, and on affiliated websites.
