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Catalyzing Growth: Empowering Malawi’s SMEs for Economic Prosperity

Post was last updated: November 9, 2025

Key Business Points

  • The Mzinga Incubation Programme is a historic step in nurturing high-potential enterprises and deepening Malawi’s capital market ecosystem, providing mentorship, business and financial management training, and corporate governance support.
  • The programme aims to empower start-ups and SMEs as engines for job creation and inclusive growth, enabling them to access structured financing through the capital market, which is a key aspect of ukongwe wa mafuta (access to finance) in Chichewa.
  • The programme is set to increase SME participation on the stock exchange, with plans to launch a second cohort and continue supporting entrepreneurs in achieving investment readiness and listing on the Malawi Stock Exchange, a crucial step in kujumuishwa kwenye soko la hisa (listing on the stock exchange).

The Mzinga Incubation Programme, launched by the Malawi Stock Exchange (MSE), has marked a significant milestone in efforts to enhance access to affordable and patient capital for small and medium enterprises (SMEs). According to MSE chief executive officer John Kamanga, the programme bridges the gap between enterprise incubation and investment readiness, providing critical support to position enterprises for sustainable growth and long-term financing. This is in line with the concept of kulimbikitsa (to nurture) in Chichewa, where entrepreneurs are nurtured to grow their businesses.

The programme has received praise from the Reserve Bank of Malawi (RBM) Deputy Governor for economics and regulation Kisu Simwaka, who hailed it for tackling long-standing challenges that have limited SME participation on the stock exchange. Simwaka noted that the programme aims to prepare participating institutions to meet listing requirements and effectively engage with investors, ultimately increasing their chances of successful listing and growth on the exchange. The RBM is also enhancing its regulatory framework and introducing new financial products and digitalised systems to improve market efficiency and attract more investors, which will contribute to kuendesha uchumi (economic growth) in Malawi.

The Financial Inclusion and Entrepreneurship Scaling (Fines) project manager Ralph Tseka emphasized the importance of access to capital for SMEs, stating that listing on the stock exchange can provide a solution to the persistent lack of capital. MSE board chairperson James Kamwachale Khomba added that the programme integrates innovation, research, and commercialisation, helping entrepreneurs adapt to changing market conditions and operate sustainably.

One of the graduates, Frederick Kawalewale, director and chief executive officer of Agro-Input Suppliers Limited, praised the incubation experience, stating that it positioned his company to scale technologies that will transform agricultural productivity. Kawalewale’s firm is now ready to list on the MSE, having developed a roadmap towards listing and plans to begin with private equity before moving on to an initial public offering. This is an example of kubadilisha biashara (transforming business) in Chichewa, where entrepreneurs transform their businesses to achieve growth and success.

The Mzinga Incubation Programme is set to continue supporting entrepreneurs, with plans to launch a second cohort and provide ongoing support from the RBM and the World Bank-funded Fines Project. As the programme continues to empower start-ups and SMEs, it is likely to have a significant impact on Malawi’s economic growth and investment opportunities, contributing to maendeleo ya kiuchumi (economic development) in the country.

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Vanessa Banda
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