Take advantage of SACCOS, women urged
WOMEN and Youth Affairs Minister Sithembiso Nyoni has urged businesswomen in the Midlands Province to take advantage of the Savings and Credit Cooperative Society (SACCOS) to grow and expand their businesses.
She said this while speaking at the Women in Business Coalition (WBC) Awards dinner that was held at Gweru Polytechnic last Friday.
Minister Nyoni said SACCOS was formed specifically to ease financial challenges faced by women who want to start businesses.
“In the Ministry, we are encouraging Savings and Credits Cooperatives Society (SACCOS). The ministry has over 110 000 savings clubs and we think those are too small and unbankable, so we are turning those into savings and credit cooperatives so that they could be registered and they will be credible as people will be trained on how to use and circulate money. This is part of financial inclusion,” she said.
Minister Nyoni said the Government has also made it easy for women in business through the introduction of Women’s Development Fund which was being disbursed through POSB.
“My Ministry also has a programme called Women’s Development Fund given through POSB. This fund was created to enable businesswomen to mentor other women who are aspiring to start their own businesses.
“If you come together in a group of three or five women, you can apply for money from the fund without any hassles,” she said.
Minister Nyoni also said that the Women’s Microfinance Bank was ready to roll as soon as they get a technical letter from the Reserve Bank of Zimbabwe.
“Very soon we will open Women’s Microfinance bank. We are at an advanced stage, there is just one technical letter that we are waiting for from the Reserve Bank of Zimbabwe. So as soon as that letter comes, you will get invitations.”
She encouraged women from across Zimbabwe to run viable businesses that will contribute towards economic recovery.
“Our focus as women of Zimbabwe must be to run viable businesses and not to run business that fail. We must also run businesses that contribute to our Gross Domestic Product (GDP). In his inauguration speech, President Mnangagwa said we all need to participate in the recovery of our economy. We also need to participate in community development and end poverty in our nation.
“The establishment of our Ministry by President is a clear sign that Government is taking a leading role in harnessing untapped potential and skills delivery to women. The new dispensation calls upon the participation of every one of us to build our country, and young women are leading in that accord,” she said.
Government recently availed $8 million for SACCOS with each district across the country expected to get $200 000.