ILO launches financial education training in Bulawayo
THE International Labour Organisation (ILO), in collaboration with the Government and various stakeholders, has launched its first Financial Education Training programme in Bulawayo.
The initiative aims to enhance financial literacy among women and youth entrepreneurs, promoting the sustainability of their enterprises.
Funded by the African Development Bank, the training targets 1 000 women and youth entrepreneurs nationwide, equipping them with essential skills for managing business finances effectively.
Speaking at the four-day training that commenced yesterday, ILO representative Mr Fortune Sithole stressed the critical need for financial education.
“Many young people struggle with budgeting, goal setting and selecting appropriate financial products for their businesses.
“This lack of financial literacy often leads to the early failure of many youth-led businesses, particularly when they take loans without fully understanding the terms and conditions, resulting in unsustainable debt,” he said.
Mr Sithole highlighted that some young entrepreneurs have lost vital assets, such as machinery, due to their inability to repay loans.
“This training seeks to reduce the vulnerability of young people by equipping them with financial management and literacy skills.
“It also integrates microfinance and banking systems, complementing the Reserve Bank of Zimbabwe’s Financial Inclusion Strategy II,” he said
The programme aligns with the National Development Strategy by empowering entrepreneurs to contribute to economic growth.
It also complements the ILO’s Start and Improve Your Business initiative, which provides foundational knowledge in business management, bookkeeping, and operational planning.
Mr Sithole also urged start-ups to explore informal financing methods to reduce loan burdens and mitigate business failure risks.
The training targets entrepreneurs in key sectors such as mining, farming, and dairy, aiming to strengthen value chains across districts.
Dial-Honour Consultancies managing director, Mr Shepherd Zhou, a partner in the initiative, noted the significant gap in financial knowledge among start-ups.
“Many start-ups operate informally without structured plans for raising or managing capital.
“This training addresses that gap, helping businesses grow sustainably by fostering wise financial decisions in areas such as borrowing and saving,” he said.
The 2025 National Budget highlights financial inclusion as a priority under the National Financial Inclusion Strategy II (2022-2026).
This strategy empowers marginalised groups, including women, youth, and persons with disabilities, to access quality financial products, aligning with Vision 2030 of becoming an empowered upper-middle-income society.
To support this agenda, the Government has capitalised institutions like the Zimbabwe Women’s Microfinance Bank (ZWMB), Empower Bank, and the Small and Medium Enterprise Development Corporation (SMEDCO).
These institutions play a pivotal role in promoting financial inclusion for underserved communities.
While financial literacy programmes were introduced in several provinces in 2024, data shows that significant work remains to ensure marginalised groups gain equal access to financial ecosystems.
This training represents a vital step toward transforming Zimbabwe’s entrepreneurial landscape, empowering women and youth to drive sustainable economic growth
-herald