Zim’s Ethel Mupambwa on Africa’s Business Heroes’ breakthrough opportunity

FOUNDER and chief executive officer of MoneyMart, Ethel Mupambwa, has been in the financial entrepreneurship journey for some time now, and has a wealth of experience that other innovative Zimbabweans could emulate and develop further.

A second runner-up winner of the Africa Business Heroes (ABH) 2020 competition, which is in its 5th edition this year, Mupambwa has never looked back since getting global recognition in financial innovation.

As a way of encouraging other entrepreneurs to also participate in such competitions, she says her experience from participating has yielded lots of positives, which other start-ups can ride on.

The ABH is the Jack Ma Foundation’s flagship philanthropic programme in Africa aimed at incentivizing support for entrepreneurs. Every year 10 finalists are selected to compete in the ABH grand finale where they get a share of the US$1, 5 million prize money.

In 2020, the entrepreneur won US$150,000 from the competition, which she plowed back into the business.

“Generally, the additional funding allowed MoneyMart to expand its operations, reach more customers, and offer a wide range of financial services,” says Mupambwa.

To be more specific, below are changes that happened to MoneyMart after winning the ABH competition. MoneyMart added 20 new branches from six to make them 26, our loan book grew from $350,000 to $1,8 million responding to the increase of branches.

“Our client base grew from 400 to 1 500, the number of employees grew from 33 to 115, the number of pool cars increased from six to 25 while brand awareness, increased by branding all pool cars, providing staff with branded uniforms, digital marketing adverts, and 20 billboards in major cities.”

Mupambwa says other Zimbabwean start-ups stand to reap more dividends should they explore financing avenues, including taking part in the ABH competition.

“This is only the 5th year out of a 10-year commitment of the same opportunity. This competition is eye-opening and an opportunity not to be missed. The top 10 finalists get to pitch their business-to-business icons, and all top 50 finalists get access to training, mentorship, and opportunities to network with other African entrepreneurs,” she said.

Outside of the prize money, Mupambwa says there are other benefits derived from taking part. These include gaining the opportunity to reflect on one’s business objective, vision, and strategy while receiving critical feedback and advice from numerous business professionals and seasoned entrepreneurs at various stages of the competition.

Other benefits include targeted and practical training programmes, and broadening business networks through interacting with global business icons both throughout the competition and afterward.

With this year’s entries set to close tomorrow (17 May 2023) Mupambwa has encouraged other entrepreneurs to try their luck and keep on checking the ABH website now and in the coming editions for more opportunities.

She said the application window was opened to founders or co-founders of the young companies that are post idea stage having operated at least for three years, be of African origin, have legal registration and operations within the continent with financial track records and audited business.

“There is a saying which says: “it’s not an opportunity when it knocks yet you are not prepared…I encourage entrepreneurs to always do things right so that when these competitions come up, they know that they will qualify,” says Mupambwa.

“Being an entrepreneur is being able to tell your story very well. The social impact your business is making in communities is very much important.”

Over a 10-year period, the ABH programme will recognize 100 African entrepreneurs and provide grant funding, training programs, and broader support for the broad African entrepreneurial ecosystem.

Jack Ma, Founder of Alibaba Group, and the Jack Ma Foundation, created the prize after he made his first trip to Africa in 2017 and was inspired by the energy and entrepreneurial potential of the young people he met.

Every year since the first edition in 2019 entrepreneurs from across Africa apply and go through several rounds of rigorous evaluation conducted by ABH judges. The finalists are selected after demonstrating that they are visionary entrepreneurs who embody innovation, resilience, growth potential and impact on Africa.-chronicle.co.zw