The Sunday News
Judith Phiri, Business Reporter
The Government has emphasised the pivotal role of women entrepreneurs in driving the country’s economic development and has called on local financial institutions to support women-owned and led businesses to grow.
Women constitute 52 percent of the country’s population and play multiple roles in the economy as producers, traders, workers, wealth generators, caregivers and taxpayers.
The Government has recognised the importance of empowering women and has taken various initiatives to promote women’s access to markets and provide training on technical and business skills.
The Ministry of Women Affairs, Community, Small and Medium Enterprises Development has established various funds and programmes to support women entrepreneurs. These include the Women Development Fund (WDF), the Zimbabwe Community Development Fund (ZCDF), the Women Microfinance Bank (ZWMB), and the Small and Medium Enterprises Development Co-operation (SMEDCO).
These initiatives aim to provide loans without collateral security and affordable financial resources to women for income-generating projects or business start-ups.
Additionally, the ministry encourages women-owned and women-led businesses to ensure they produce quality products, be compliant with regulations and embrace digital technologies for competitiveness.
Speaking at the second edition of the Open Market Day and Exhibition for Women Entrepreneurs in Bulawayo on Friday, Women Affairs, Community, Small and Medium Enterprises Development Minister Monica Mutsvangwa said women were playing a key role and positively contributing to the economy.
“Let us invest in women and that is what we are telling all the banks. Invest in women if you want this country to be great. The success of this country as a nation will come through women’s efforts.
“If the women of this country do not do the best, then we will not achieve the vision 2030. Our President is very clear about the fact that women are 52 percent of the population and as such he supports us in all that we are doing,” she said.
“The recognition of the role that women play towards national development is known from the highest level that is the President of this country. The role women entrepreneurs play is very important and 60 percent of small to medium enterprises (SMEs) in the country are women.”
She said in order to address challenges faced by women entrepreneurs, her ministry was promoting women’s access to markets, and provision of training on technical and business skills.
Minister Mutsvangwa said the ministry had also established the Women Development Fund (WDF) and the Zimbabwe Community Development Fund (ZCDF) to provide loans without collateral security.
In the case of the ZCDF, she said it was both for women and men at low-interest rates.
The minister added: “The ministry also established the Women Microfinance Bank (ZWMB) in 2017 to provide tailor-made and affordable financial resources to women for purposes of income-generating projects or business start-ups. The Small and Medium Enterprises Development Co-operation (SMEDCO), was also established to administer the Micro Small and Medium Enterprises Revolving Fund aimed at providing loans to SMEs. I would like you to approach our district offices in order to benefit from all these funds and other programmes.”
She encouraged the women-owned and women-led businesses to ensure they produce quality products and be compliant with the various regulations in order for them to be competitive and be able to penetrate new markets.
Minister Mutsvangwa said capacity building should be a continuous process in their organisations while innovation and embracing digital technologies were key in keeping them afloat.
She commended the Organisation of Women in International Trade (OWIT) Zimbabwe and Ecobank’s Ellevate programme for collaborating with the ministry to host the event that serves as a platform for all women in business to network and share experiences that will assist them to improve competitiveness in the international arena.
“I would like to pay tribute to EcoBank for their support to women entrepreneurs and the successful partnership with OWIT. OWIT has given you a platform to penetrate the African Continental Free Trade Area (AfCFTA) market of over 1,2 billion people, please take advantage of this,” she added.
“Our country, Zimbabwe, ranks 5th in Africa in terms of achieving gender parity (World Economic Forum), and globally, we sit in the 45th position. This is no mean feat. This shows that our nation through the leadership of President Mnangagwa has always been committed to uplifting women to ensure an egalitarian society, in line with our constitution which provides for parity between men and women. A lot of work still remains to be done, but indeed, the steps embarked on this journey are yielding fruits.”
Minister Judith Ncube
In a speech read on behalf of Bulawayo Provincial Affairs and Devolution Minister Judith Ncube by Mrs Boetsoanelo Noko, the director of co-ordination in her office, she said Zimbabwean women continue challenging the status quo.
“There is no better day than Market Day, which offers a platform for our women to elevate themselves and share their acumen with the rest of the world. We have also noted the power of collaboration. The Government of Zimbabwe, EcoBank and OWIT Zimbabwe have manifested a win-win game that is poised to leave no one behind,” she said.
Minister Ncube said the Government under the leadership of President Mnangagwa will continue to create an enabling environment which will encourage businesses to push boundaries to formalise their operations.
The Government’s call for local financial institutions to support women-owned and led businesses aligns with global efforts to promote women’s entrepreneurship and economic empowerment. The recognition of the pivotal role of women entrepreneurs and the initiatives to provide financial support and resources reflect a commitment to fostering inclusive economic development.
Globally, there is a growing recognition of the impact of women entrepreneurs on economic development. Initiatives to support women entrepreneurs are not limited to Zimbabwe, as various countries, including India, have also taken significant steps to promote women’s entrepreneurship. For example, in India, the Government has launched initiatives and schemes to strengthen women entrepreneurship, such as the Startup India programme and various state-specific policies for women entrepreneurs
The event ran under the theme, “Invest in Women: Accelerate Progress”.
