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