daniel chigunwe
Enacy Mapakame
One of the country’s largest financial services group, ZB Financial Holdings Limited, is intensifying its programmes to nurture small to medium enterprises (SMEs) to enhance their competitiveness on both regional and international markets as well as create employment.
The initiatives seek to accelerate growth for the budding enterprises and turn them into large corporations and increase their contribution to the economy, a model that has been implemented in some developed countries.
This comes as the sector has played a critical role in the economic fortunes of the country employing more than half of the population in Zimbabwe as big corporations folded operations during periods of economic meltdown.
During the height of the Covid-19 pandemic and its adverse impacts on the economy, businesses also downsized operations with retrenchments experienced across sectors, which also saw more new entrepreneurs emerging.
In light of this, the group entered into a partnership with Kukura Business Accelerator (KBA) and launched the inaugural National Gazelles programme in Zimbabwe in 2020.
According to ZBFH, the National Gazelles programme is a high impact business growth acceleration programme involving 100 SME businesses annually, of which 60 businesses will be high intensity focus recipients of multi-faceted growth and support interventions.
“The aim of the programme is to see the Zimbabwean SMEs grow and be able to compete with their peers both regionally and internationally. In the process, the SMEs will then contribute to the growth of the economy through job creation and innovation,” said the group in their 2021 annual report.
For the inaugural launch, a total of 120 applications were received from prospective participants from which 50 were selected by the selection committee based on their current business position and prospects for growth.
ZBFH highlighted that these 50 SMEs are undergoing intensive coaching, guidance and support with the impact on their businesses being tracked.
“The group has committed to be the anchor financial partner of this programme. The program targets businesses that have shown growth capabilities and have a clear vision.
“In this light, the programme seeks to accelerate their growth, providing them with the relevant support and guidance which is being rolled out through the Bank’s wide branch network business associates and government departments,” said the financial services provider.
The group has been cognizant of the gender and youth dividend and crafted programmes for them. According to the group, financial products available to women include the informal trader accounts, business loans, lease hire facilities, overdraft, micro-loans and the RBZ Women’s Empowerment Fund.
In 2021, 19,21 percent of the total SMEs portfolio supported by the group were women-owned.
“Furthermore, the group partners with a women’s empowerment network organization, Women Excel, that seeks to enhance financial literacy and financial empowerment of women in Zimbabwe,” said ZBFH.
Bongani Ndlovu