Financial Access for Rural Markets, Smallholders and Enterprises (Farmse) on Wednesday disbursed K818, 281, 455 to 3700 ultra-poor households in Dedza and Mangochi districts as capital injection to their business ventures.
The boost will take the beneficiaries out of the social cash transfer roll and are expected to become economically independent by running small scale businesses.
Director of Pensions and Financial Sector Policy in the Ministry of Finance, Alfred Kutengule, said the money will build the social and financial capacity and skills of the beneficiaries to enable them venture into economic activities that can sustainably transform their lives.
Kutengule said the beneficiaries have undergone intensive business management and skills training before the disbursement of the resources.
“They have been trained in mindset change so the resources that have been provided to help them graduate from ultra-poor households to somewhere they will be able to sustain their lives and also improve their livelihoods,”Kutengule said.
World Relief Malawi advisory board chairperson, Patrick Kaudzu, said the financial support will go a long way in turning the beneficiaries into entrepreneurs.
Kaudzu said his organisation is working with other churches to empower the most vulnerable and poor households to uplift themselves from abject poverty.
Farmse is running a seven-year project, being funded by the International Fund for Agricultural Development (IFAD), aimed at graduating poor Malawians along the poverty spectrum from ultra-poor to a productive pathway on a sustainable basis.
The project is working with a number of partners in the implementation of different projects aimed to help graduate poor communities along the poverty spectrum from ultra-poor to a productive pathway on a sustainable basis.
In Dedza and Mangochi districts, the project has been working with World Relief – a global Christian humanitarian – whose interventions aim to bring sustainable solutions to the world’s greatest problems, including extreme poverty.