Staff Writer
Women Affairs, Community, Small and Medium Enterprises Development Deputy Minister Dr Jennifer Mhlanga says partnerships can address challenges faced by SMEs in unlocking growth potential and empower them to become engines of the economy.
Speaking at the ZB Financial Holdings SMEs EXPO in Harare, Dr Mhlanga urged stakeholders to build a collaborative ecosystem that fosters the development and success of SMEs.
“I call upon other stakeholders here present to follow the lead of the ZB Holdings in implementing strategies to support the development and growth of the MSME sector so that Vision 2030 becomes a reality,” Dr Mhlanga said.
“By forging financial partnership, we can bridge the gap between SMEs and resources they need to thrive. There is potential through collaboration amongst financial institutions, government and other stakeholders to create tailored financing solutions for SMEs.
“These partnerships can also provide access to capital, mentorship, and resources enabling SMEs to scale and thrive.”
The Government, guided by the strategic pillars outlined in the MSMEs Policy Framework (2020-2024) is implementing several interventions to promote the development and growth of the sector including:
- Supporting access to finance through various empowerment funds under the Ministry and promoting the development of Savings and Credit Cooperatives (SACCOS) as alternative sources of funding for small businesses. It is pleasing to note that financial institutions have established SME windows to provide targeted financial support to the sector.
- Facilitating access to markets for MSMEs in collaboration with ZimTrade by enabling their participation in local, regional, and international exhibition and trade promotion events.
- Providing business and technical skills training to empower MSMEs in managing and expanding their businesses.
- Partnering with the Standards bodies in promoting the adoption of standards and product certification to improve the safety, quality and competitiveness of MSMEs products in local, regional and international markets.
- Facilitating formalisation of MSMEs through business registration in collaboration with Registrar of Companies.
Registering, training and development of various Cooperatives in the country.
She said the Ministry would continue to step up our initiatives to facilitate access to finance for MSMEs and other business development support services.
“We will also keep on encouraging MSMEs to embrace financial inclusion through the of use of banking services as it increases the deposits available for lending,” she said.
The Micro, Small and Medium Enterprises (MSMEs) sector continues to play a crucial role in Zimbabwe’s economy, accounting for over 60% of the country’s economic activity. MSMEs are significantly contributing to employment in the country with 4,8 million people employed on full time basis (MSME Survey 2021) and contributing to USD 7.8 billion to GDP (Finscope MSME Survey 2022).
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