SMEs backbone of economy, job creation — ZB Holdings

LISTED financial services group, ZB Financial Holdings Limited, has applauded the small to medium enterprises (SMEs) sector for driving innovation, creating jobs and amplifying economic progress.

Describing SMEs as the “backbone of our economy,” ZB Holdings non-executive director, Tenjiwe Sibanda, told delegates who attended the inaugural SME Expo in Bulawayo on Saturday that SMEs have grown to become a vital cog in transforming Zimbabwe’s economy.

He said the event was a milestone moment that demonstrates commitment to supporting the growth and development of SMEs.“As ZB, we recognise the critical role you play and are dedicated to empowering you with the necessary tools and resources to succeed,” said Sibanda.
“In line with our vision to improve lives through service, our aim is to equip SMEs with financial literacy, funding options and account opening opportunities.

“Today, you will have the chance to engage with our experts, industry specialists and like-minded entrepreneurs, gaining valuable insights and knowledge to help your businesses thrive.”The SMEs Expo offered a unique platform for networking and exchanging business ideas, allowing upcoming businesses to showcase their products and services to a wider audience.

“We deliberately designed this event to foster collaboration, learning and growth, and we are confident that it will be a resounding success,” said Sibanda.In recognition of the immense potential for SMEs growth and impact on livelihoods, he said ZB was committed to supporting this transformative journey.

Speaking at the same occasion, Bulawayo Chamber of SMEs chairperson, Mr Coustine Ngwenya, said strong collaboration between small businesses and key stakeholders is vital in unlocking the sector’s immense economic potential and realising positive impacts on livelihoods.

He said the expo, which ran under the theme: “Accelerating growth of SMEs through financial partnerships” offered young businesses a platform to showcase their products and services and commended the banking institution for creating such an opportunity. He stressed the need to strengthen the lobbying power to advocate for policies that promote a conducive environment for SMEs while enhancing more collaboration for win-win objectives.

Such efforts must empower SMEs to overcome challenges such as lack of capital, inadequate information and market knowledge, shortage of management and leadership skills, limitation and shortages of decent working space and slow pace of adjusting to market changes and competition.
“We understand the importance of international collaboration for SME development. We are actively pursuing partnerships with organisations and the World Association of SMEs (WASME), which is head-quartered in India,” said Mr Ngwenya.

“Discussion on the proposed MoU between ZCSMEs and WASME is at an advanced stage. We have also received a total of 99 leading Indian SMEs who are seeking establishment of joint ventures and partnerships with local SMEs.“The UN Women and ILO are currently supporting the Bulawayo Chamber of SMEs. As we speak, the Chamber is setting up a facility for women in textiles and clothing called Maker Space. The Maker Space will house state of the art textile and clothing machinery.”

Mr Ngwenya said SMEs were also building strong local alliances with the local authority, private companies in construction, insurance, banks and other financial institutions, both locally and abroad.

He applauded the Bulawayo City Council for creating a MSMEs unit and implored it to further ensure that this unit develops into a fully-fledged department in the near future.

“We have established a dynamic electronic platform that serves as a live national SME database. This platform provides valuable services and resources to our members. We encourage all SMEs here today to sign up and become part of this growing network,” said Mr Ngwenya.

“The data collected through our database presents a unique opportunity for ZB Bank. By collaborating with ZCSMEs, ZB Bank can gain valuable insights into the needs and challenges faced by SMEs.

“This data can be used to develop innovative financial products and services that directly address the pain points of SMEs, including access to cheaper credit, social protection programs, decent workspace solutions, business training and wider market access through business linkages,” he said.

“We implore ZB bank to develop more social protection and pension oriented products that can assist our members at retirement stage or during other needs.”-chrnicle