ZB Financial Holdings expo paves way for SME growt...

ZB Financial Holdings expo paves way for SME growth through collaboration

Zim Now Writer

The ZB Financial Holdings SMEs Expo recently concluded, buzzing with activity and bringing together key players in Zimbabwe's vital micro, small, and medium enterprises sector.

Held under the theme "Accelerating SME growth through Financial partnerships," the event underscored the critical role of collaboration in unlocking the full potential of SMEs.

The Deputy Minister of Women Affairs, Community, Small and Medium Enterprises Development, Hon. Dr. J. N. Mhlanga, graced the occasion.

In her address, she acknowledged the immense contribution MSMEs make to the country's economic landscape. She highlighted their impressive role in employment generation, currently estimated at a staggering 4.8 million people. Furthermore, Dr. Mhlanga emphasized their significant contribution to GDP, valued at USD 7.8 billion (Finscope MSME Survey 2022).

However, Dr. Mhlanga also shed light on the challenges faced by SMEs. These include a lack of essential business management skills, limited access to markets, and most importantly, access to affordable finance. Traditional lenders often perceive SMEs as high-risk due to a lack of collateral, making it difficult for them to secure the capital needed for growth.

The Expo served as a crucial platform to bridge this gap. By forging stronger financial partnerships, stakeholders aim to create tailored financing solutions that cater specifically to the needs of SMEs.

These partnerships will not only provide access to much-needed capital but also offer valuable mentorship and resources, empowering SMEs to not only survive but thrive in a competitive environment.