Standard Bank recently signed a memorandum of understanding in Maputo with mobile phone operator Vodacom Mozambique to support the growth of Micro, Small and Medium Enterprises (MSMEs), which are part of Vodacom's supply chain.

Under this memorandum, Standard Bank will ensure the development of skills, knowledge and experience necessary for the growth of these MSMEs, including the provision of financing, mentoring and exposing them to business opportunities.

According to the head of Commercial and Business Banking at Standard Bank,

Micro, small and medium-sized enterprises (MSMEs),

The agreement is the result of recognition of the contribution made by small and medium-sized enterprises to the growth and development of the country's economy and the challenges they face in their day-to-day work to serve their customers.

"We boost the entrepreneurial capacity of MSMEs through our Business Incubator. Our aim is to guarantee the growth of these companies, because we want to be a bank for Mozambican companies and, above all, facilitate the growth of these firms," he said.

In his speech, the general manager of Vodacom Mozambique, Simon Karikari, said that the memorandum of understanding will allow the operator to have greater access to local suppliers, which will contribute to the growth and development of national SMEs.

The agreement will have a multiplier effect on the economy, since "MSMEs will have access to more affordable financing so that they can provide services to Vodacom and, consequently, generate more jobs," he concluded.