Story by Yolanda Moyo
BULAWAYO – IN a significant boost to government’s national drive for financial inclusion and the formalisation of the micro, small, and medium enterprise (MSME) sector, the Bulawayo Economic Development Agency (BEDA) has signed a Memorandum of Understanding (MOU) with a leading microfinance institution for funding of SMEs.
The signing ceremony, held in Bulawayo this Monday, underscored the importance of collaborative efforts in achieving economic growth.
The partnership is expected to provide MSMEs with access to affordable financial products, including microloans, savings accounts, and digital payment platforms, supporting the transition from informal to formal business operations.
It is also set to play a pivotal role in government’s overarching drive to formalise the MSME sector and bank the unbanked, a critical pillar of Zimbabwe’s National Development Strategy 1 (NDS1) and Vision 2030.
Client Relationship Manager at Innbucks, Rutendo Muhwava said the partnership is aimed at easing access to capital and financial tools essential for the growth of small businesses.
“We are proud to partner with BEDA in this transformative journey. Our objective is to simplify access to financial services for the unbanked and underbanked. This collaboration will empower entrepreneurs to formalise their businesses, tap into broader markets and align with government’s vision for economic formalisation and inclusive growth.”
BEDA Chairperson, Mr Kwanele Hlabangani, underscored the importance of inclusive financing in the city’s economic growth trajectory.
“Our agency is committed to building an environment conducive to business growth and investment in Bulawayo. This MoU addresses the critical challenge of financial exclusion among informal businesses. We foresee a ripple effect that encourages business formalisation and expands access to trade and investment opportunities.”
Bulawayo Metropolitan Minister of State for Provincial Affairs and Devolution, Honourable Judith Ncube highlighted government’s intensified focus on formalising the MSME sector, which contributes significantly to the national Gross Domestic Product, providing livelihoods for a vast majority of the population.
“Our government recognises that a formalised MSME sector is essential for sustainable development, improved tax revenue, and greater social protection. This initiative gives small businesses in Bulawayo the tools to grow and contribute more meaningfully to the national economy.”
The move aligns with government’s proactive approach in creating an enabling environment for businesses to thrive, leveraging technology and strategic collaborations to achieve its ambitious economic transformation agenda.
