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Chief Executive Phillip Madinga and Principal Secretary Wiskes Nkombezi pose with the Best SME winners, MoPay * The MSME sector, which accounts for 47% of the country’s GDP, has the potential to reverse years of foreign currency shortages in Malawi * Its export value is estimated at US$2 billion annually if each of the country’s 1.6 million MSMEs exported a minimum of US$100 worth of goods monthly By Duncan Mlanjira A fintech company, MoPay and agriculture manufacturing firm, Thanthwe Farms emerged top winners of the 2025 Phuka micro, small & medium enterprises (MSMEs) awards sponsored by Standard Bank Plc. The Phuka awards were mooted out amidst calls by Standard Bank and government for small businesses to step up efforts in contributing to much-needed foreign currency by intensifying the export drive. MoPay and Thanthwe Farms dominated the awards by winning in their respective categories of technology and manufacturing before capping the glittering awards gala night on Wednesday in Lilongwe as overall winners in the Best SME and Best woman-led business of year, respectively — each received a total of K9 million. Leading calls for export intensification, Standard Bank Chief Executive, Phillip Madinga said the MSME sector, which accounts for 47% of the country’s GDP, has the potential to reverse years of foreign currency shortages in Malawi. He estimated its export value at US$2 billion annually if each of the country’s 1.6 million MSMEs exported a minimum of US$100 worth of goods monthly. “We can only hope to achieve this if we work collectively to harness the potential of small business,” said Madinga. “Our decision to partner Small & Medium Enteprises Development Institute (SMEDI) and government for these awards aligns with our track record of supporting MSMEs in economic recovery and growth efforts.” He added that entrepreneurship thrives on responding to challenges and solving complex economic and societal problems: “Through these prestigious awards, Standard Bank would like to recognise and partner those MSMEs rising to the occasion in helping address Malawi’s economic problems through innovative approaches.” New Principal Secretary in the reconstituted Ministry of Industrialisation, Business, Trade & Tourism, Wiskes Nkombezi hailed Standard Bank’s partnership with SMEDI to recognise the MSME sector through the Phuka awards. “SMEs represent the backbone of our economy,” he said. “They play a crucial role in employment generation, providing jobs and opportunities within our communities which promotes inclusive growth and social cohesion.” SMEDI acting CEO, Otaniele Chezani said the awards represent the power of turning every dream into reality and in the transformation of the country’s economy — emphasising that “the power to transform Malawi does not only rest in the ivory tower boardrooms, but in the workshops, farms, and small factories of the every day dreamers who don’t give up”. Other category winners of the 2025 Phuka awards were Feco Investments (agribusiness), Adventures by Colby (tourism), Yami Gemstones (mining), EnviroSolutions (green business), and Milanzi Interiors (furniture & joinery) — with each category finalists receiving K2 million and a certificate of recognition.
