Story by Fairstars Mukungurutse
The adoption of digital payment systems by small and medium enterprises is key to promoting financial inclusion and advancing formal economic activity.
The call was made by the Minister of Women Affairs, Community, Small and Medium Enterprises Development Senator Monica Mutsvangwa, after emerging from a lecture titled “The Participation of Women in Economic Development: A Case of Zimbabwe” at the Zimbabwe National Defence University this Thursday.
“The most important thing that I keep on recommending is the adoption of digital money to avoid the challenge of financial arbitrage and also ensure cash circulation in our banks. If the Ministry of Finance and the Reserve Bank avail many POS machines to our SMEs, this would allow for smooth financial transactions. When they have a conducive workspace, already registered one is bound to pay a levy to the local authority and pay tax as well,” she said.
The government through the Treasury has made commendable strides in supporting the capitalisation of financial institutions, but more work still needs to be done to ensure women have access to capital.
“The progress that has been made by the ministry through support from the Treasury cannot be understated. However as a ministry we still feel that if the Women’s Microfinance Bank is fully capitalized it will reach out to many women because, in terms of numbers, it’s very little, each year they support maybe 300 people around the country and that’s not enough,” Senator Mutsvangwa.
Limited access to finance, markets, and information coupled with cultural and social barriers are some of the barriers that need to be dealt with to ensure the full participation of women in economic development.
