ZNCC conference spotlights barriers women face in business

Note from ZNCC

On September 27, 2024, the Zimbabwe National Chamber of Commerce hosted the Women in Enterprise Conference and Awards, shining a spotlight on the barriers faced by women entrepreneurs and business leaders in Zimbabwe.

A panel discussion, chaired by journalist Mr Farai Mwakutuya, brought together thought leaders from various sectors to unpack these unique challenges.

The session featured a robust exchange of ideas, with panellists sharing experiences, strategies, and solutions aimed at empowering women in business.

Dr Mavis Sibanda, Permanent Secretary in the Ministry of Women Affairs, Community, Small, and Medium Enterprises Development, set the tone by highlighting the significant financial obstacles women face.

Access to capital remains one of the most pressing issues, exacerbated by stringent collateral requirements and high interest rates.

Despite Government efforts to mitigate these challenges through initiatives like the Women’s Bank and the Women’s Development Fund, many women entrepreneurs still struggle to access adequate funding.

Dr Sibanda also emphasised the importance of formalising businesses, improving market access and leveraging digital tools to enhance competitiveness.

She called for collective action to address these challenges and uplift women in business, stressing that without such measures, many women-led ventures could be derailed before they fully flourish.

Ms Regina Chinamasa, Commissioner General of the Zimbabwe Revenue Authority (ZIMRA), tackled the issue from a regulatory standpoint.

She discussed how the complexity of tax laws often pushes businesses into informality, with women entrepreneurs particularly affected. While tax incentives exist for businesses in sectors like mining and tourism, awareness remains low.

ZIMRA has, therefore, prioritised raising awareness and offering training to help women entrepreneurs better navigate tax compliance.

Chinamasa also announced the establishment of a dedicated women’s desk within ZIMRA, providing tailored assistance to female business owners.

She urged women in business to take advantage of available incentives and to ensure their enterprises can thrive within the formal tax system.

Mrs Gloria Zvaravanhu, managing director of Old Mutual Zimbabwe Insurance, focused on the critical role of information, networking and mentorship in advancing women’s careers.

She emphasised the importance of belonging to business associations where crucial insights are exchanged.

While the demands of the corporate world are high, Mrs Zvaravanhu stressed that women can ease their paths by building strong teams and seeking support, both at work and at home.

Networking is key, and women must not shy away from pursuing mentorship and getting involved in spaces where important decisions are made.

She encouraged women to actively build both social and professional networks to facilitate their entrepreneurial journeys.

A legal practitioner and motivational speaker, Mr Arthur Marara, offered a philosophical perspective, emphasising self-reliance and resilience.

He acknowledged that Zimbabwe’s economic crises have equipped entrepreneurs, including women, with a unique skill set.

Yet, many women still lack the social capital necessary to thrive in business. Mr Marara urged women to enhance their networks, stressing that often, the solutions to their challenges already exist within their communities.

He said women must take charge of their destinies, as external support may not always come.

Mrs Felistus Ndahwi-Gurajena, managing director of SeedCo, explored the power of networks from a reciprocal standpoint.

She encouraged women to not only seek what they can gain from connections but also to contribute to the success of others. She acknowledged the cultural biases that favour foreign brands over local businesses, as well as the gender biases women often face in leadership roles.

Ndahwi-Gurajena emphasised the need for women to embrace technology to simplify operations and improve productivity. Financial literacy was another key point she raised, advocating for the use of available platforms to navigate the complexities of the business landscape.

The panellists painted a comprehensive picture of the barriers facing women entrepreneurs, from the financial and regulatory hurdles to the challenges of work-life balance and navigating gender biases.

Solutions included collective action, enhancing financial literacy, building stronger networks, and embracing technology.

During the Question and Answer session, attendees voiced concerns that reinforced the points raised by the panellists.

Mrs Beauty Bhulu, vice president of ZNCC Matabeleland, highlighted the issue of informality in Bulawayo, noting the challenges faced by small businesses in the tourism sector.

She called on ZIMRA to engage more effectively with non-compliant businesses and to better communicate tax-related information.

ZIMRA responded by committing to expanding its communication efforts and offering more targeted support to women entrepreneurs.

Other audience members echoed similar concerns. Primrose from WestProp emphasised the need for women to support each other, while Zandile Ndhlovu highlighted the difficulty SMEs face in securing funding for government tenders.

The dialogue was a reminder that while challenges are numerous, solutions can be found through collaboration, innovation, and persistent engagement.

As the session came to a close, it was clear that while women entrepreneurs and business leaders face unique challenges, there is also a wealth of opportunities.

The panellists left attendees inspired and equipped with actionable strategies, encouraging them to take control of their futures by embracing digital tools, building stronger networks, and seeking out mentorship.

Both ZNCC and ZIMRA committed to continued collaboration, with plans to develop targeted programs for women-owned businesses in 2024.

In an evolving economic landscape, tackling these challenges head-on will be key to ensuring that women entrepreneurs not only survive but thrive in Zimbabwe’s business environment.

This article was prepared for Business Weekly by the Zimbabwe National Chamber of Commerce (ZNCC).