Phuka named best SME innovation  

Global Finance, the world’s most affluent financial publication has named Standard Bank’s Phuka Incubation Hub as Malawi’s best SME innovation for 2023.

The announcement was made during the publisher’s eleventh annual awards program that recognized entities that regularly identify new paths and design new tools in the finance industry.

Established in 2022, Phuka Hub is Standard Bank’s flagship program that was launched to correspond to the challenges that hinder success of the SME sector.

Graham Chipande, Standard Bank’s Head of Business and Commercial Banking said that the recognition underscores the bank’s commitment towards enterprising growth that leads to improved economic development.

“At Standard Bank we believe that Malawi is Our Home and We Drive Her Growth and as such we bring innovations aimed at unlocking and growing businesses such as Phuka for SME. It is pleasing to note that the success of the programme have earned recognition from Global Finance,” said Chipande.

According to the bank, Phuka Hub provides multiple benefits to SMEs and the award testifies to the relentless efforts earmarked to transform the SMEs sector.

“Phuka Incubator Hub is empowering businesses and promoting innovation among SMEs. As we continue to innovate and strive for excellence, we pledge to remain committed to doing our best to support SME growth in Malawi,” he said.

Joseph Giarraputo, Global Finance’s publisher, and editorial director said that the institution has recognized financial firms that have made meaningful innovations.

 “Technological advancement and the adoption of industry standards have opened the door wide to innovation. The most innovative banks and fintechs become customer favorites. We proudly recognize those innovation leaders advancing finance in the 21st Century.”

Global Finance regularly selects the top performers among banks and other providers of financial services. These awards have become a trusted standard of excellence for the global financial community.