By BUUMBA CHIMBULU
GOVERNMENT will facilitate the acceleration of the franchising model to spur economic development, acting Commerce, Trade and Industry Minister Michael Katambo has said.
Mr Katambo observed that franchising played a cardinal role in spurring growth.
He said it was necessary for Zambia to explore franchise market considering the 16 percent it had contributed to South Africa’s Gross Domestic Product (GDP).
Mr Katambo said this at the First National Bank (FNB) Franchise Show recently.
He however recognised that despite the cardinal role franchising played in spurring growth, the industry was also under treat due to conmen.
Mr Katambo explained that Government was conscious of the potential threat posed by conmen tainting the franchise industry in Zambia.
He said the Ministry of Commerce, Trade and Industry would work with the private sector to ensure access to information through franchise disclosure that protected players.
Meanwhile, FNB head of business and commercial Yokonia Ngoma said the bank had provided over K12 million to about 40 franchises to support the growth of franchising in Zambia.
The franchises supported by FNB included Steers, Debonairs, Fishaways, Milky Lane, Mugg & Bean, Wimpy, Panarottis and Keg & Lion.
Franchising, Mr Ngoma explained, was a viable business model, which more Zambian entrepreneurs should consider venturing in.