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    ILO Empowering MSMEs through financial literacy

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    Bulawayo, (New Ziana) – The International Labour Organisation (ILO) has embarked on a program aimed at empowering micro, small, and medium enterprises (MSMEs) in Zimbabwe through providing financial education training.

    The initiative seeks to equip young entrepreneurs with vital money
    management skills to help them grow their businesses and secure a stable
    financial future.

    Supported by the African Development Bank (AfDB) through the government,
    particularly the Ministries  of Women Affairs as well as Youth
    Empowerment, Development and Vocational Training Youth, the project is
    the first of its kind in the country.

    It aims to reach over 1 000 youths from each of the selected regions
    which include Hauna in Honde Valley, Masvingo Urban, Mutoko in
    Mashonaland East, Karoi in Mashonaland West, Umguza in Matabeleland
    North, and Bulawayo.

    In an interview with New Ziana on the sidelines of the four day training
    here, ILO projects coordinator Fortune Sithole said  the program has
    already  shown promising results, with participating entrepreneurs
    creating over 1 500 jobs in their communities after gaining the
    knowledge and skills necessary to grow their ventures.

    “The initiative forms part of the “Business Growth for Young
    Entrepreneurs” project, designed to address financial literacy gaps,
    promote business growth, and foster economic self-reliance.

    “Generously funded by AfDB and implemented in close collaboration with
    the government, the project is tailored for entrepreneurs seeking to
    improve their financial practices and contribute to Zimbabwe’s broader
    economic goals under the National Development Strategy 1 (NDS1),” he
    said.

    Sithole noted that while many young entrepreneurs have been trained in
    business management over the past two years, significant gaps remain in
    their financial management skills.

    “These include a lack of knowledge about investment opportunities, the
    use of digital financial platforms, and market-specific financial
    products.

    “Many entrepreneurs can start their businesses but struggle with growth.
    This challenge is compounded by various factors, including education
    disparities, gender and generational power imbalances, and globalization
    pressures,” he said.

    He said the program is working with 17 partners including private sector
    actors and business development providers.

    “Efforts are underway in  various districts with tailored approaches for
    different sectors. In Umguza, the program targets dairy farmers,
    promoting value addition to milk products to drive economic growth.

    “In Mutoko, young women and men engaged in tomato farming are receiving
    training on market linkages, financial management, and value addition,
    with the support of the Ministry of Youth.

    “In Hauna, Honde Valley, banana farmers are being trained in value
    addition to minimize post-harvest losses. A banana processing plant
    nearing completion will enable farmers to convert raw bananas into
    higher-value products,” he explained.

    Sithole emphasized the impact of these interventions, noting that post
    harvest losses will  be reduced by supporting value addition.

    He said in Masvingo they have partnered with the Ministry of Women
    Affairs to support young entrepreneurs in various sectors.

    “A newly constructed market centre serves as a hub for business growth
    while addressing social challenges such as gender-based violence.

    He added that the market centre houses an Early Childhood Development
    (ECD) facility, addressing the childcare needs of women entrepreneurs.

    New Ziana

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