ZB drives financial literacy among SMEs

ZB Financial Holdings (ZBFH) has embarked on a nationwide financial literacy drive that is targeted at transforming the Small and Medium Enterprise (SMEs) sector in the country.

The financial services group believes the programme is a proactive approach to promoting financial literacy among SMEs.

As part of the broader programme, ZBFH on Friday hosted the SMEs Expo 2024, which saw more than 200 SMEs participate.

In a speech delivered on her behalf by her deputy, Jennifer Mhlanga, guest of honour Minister of Women Affairs, Community, Small and Medium Enterprises Monica Mutsvangwa, said the Expo served as a crucial opportunity for stakeholders in the Micro, Small and Medium Enterprises (MSMEs) sector to enhance access to financial and other business development support services to the sector for accelerated growth.

She thanked ZB Financial Holdings for organising the SMEs Expo, “which is a testament to its leadership and commitment to supporting government efforts in promoting the development of the MSMEs sector”.

“By forging financial partnerships, we can bridge the gap between SMEs and the 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,” Minister Mutsvangwa said.

According to Emilia Mabika, Executive Head of Brand at ZB Financial Holdings, the nationwide financial literacy drive showcases ZBFH’s commitment to empowering small businesses through education and support.

Speaking on the sidelines of the Expo Mrs Mabika said the group was taking the SMEs sector very seriously and has an aggressive drive to promote financial literacy programmes with multiple aspects.

She said the Expo and workshop are meant to equip SMEs with in-depth financial knowledge and skills to empower them and unlock growth opportunities.

In addition to its financial literacy initiatives, ZBFH is also actively seeking strategic partnerships to further support the SME sector.

“We have been in discussions with the Zimbabwe Chamber of SMEs, and what we are going to do is to partner with them as well to make sure that within their structures we have an impact and we reach out to as many people as possible,” said Mrs Mabika.

Recently, ZFBH has been actively engaging with SMEs across various regions to better understand their needs and provide support.

The organisation launched an initiative focused on rapidly increasing the financial knowledge and capabilities of SMEs.

“We are also going to be partnering trainers, undertaking a training package of which ZBFH will also take part in to ensure that from a financial perspective, we teach them what’s required to access funding and funding options,” Mrs Mabika said.

She said that the company’s financial literacy programme was educating the SMEs on the necessary first step of opening the appropriate bank account, including the required documentation.

The programme also informs SMEs on the various digital channels and platforms, such as the company’s app and website, that become accessible to them once they have established the necessary bank account.

The initiative also covers the role of their service centres, which provide self-service kiosks and equipment to help SMEs manage their expenditures and conduct business transactions conveniently.

Additionally, the organisation’s service centres are staffed with dedicated consultants who are available to cater to the needs and inquiries of SMEs.

“These service consultants are available to make sure that they answer any questions that the SMEs have got,” said Mrs Mabika

She said that this programme covers the company’s provision of secure payment options like VISA and MasterCard for SMEs engaged in import or export trading activities, also offering insurance products as part of a suite of services available to SMEs upon opening an account.

“It is very important that they understand insurance, why they need to insure, and what its the relevance is,” added Mrs Mabika.

ZB Financial Holdings’ Executive Head of Marketing Cynthia Muzira said the SMEs Expo is an asset that has been created by the Group to actually give SMEs a platform to network, engage and also get business opportunities.

“We are not only hosting it alone at ZBFH. We have actually also gone into partnership with strategic partnerships, who we believe will add value to the SMEs.

“So when you look at our partners, we have ZimTrade as part of our partners.

They are coming in to showcase what services ZimTrade offers and what opportunities are available for the SMEs and also just train them and equip them with the necessary information to understand markets.

Friday’s Expo, which was themed “Accelerating SMEs growth through sustainable financial partnerships” included a panel session where Dr Divine Ndlukula shared nuggets on

“Empowering SME success: Real stories from the trenches”.

Dr Ndlukula spoke about the importance of having systems no matter how small one’s business venture is.

“Even if you are selling tomatoes, even if you are starting today, you need systems.

“Because that way it is very easy for you to manage your business, even if you are not there because you can trace anything and everything,” said Dr Ndlukula.

She added that as entrepreneurs there was also need to remain involved in the business “because if you are not hands on you will lose money”.

Dr Rinos Mautsa also participated and spoke about the theme “Building a sustainable business: key success factors.”

He spoke on the importance of collaboration, competence and continuous learning to create capacity.

There was also a panel session on “Navigating Success: Essential tools and strategies for SME Growth ‘’, which focused on opportunities available for SMEs, how to register and participate in Government tenders, export opportunities available for SMEs and enterprise business solutions.-chroncile