Financial access, literacy a game-changer for women

have packages tailored for women and youths to bolster their income-generating projects, an initiative that has resulted in a boon of entrepreneurial projects for hundreds of women.

The Second Republic has made concerted efforts to broaden the existing financial facilities in line with the 2030 Agenda for Sustainable Development, Sustainable Develop

(SDG)

“Achieving gender equality and empowering all women and girls”.

Only a few weeks ago, the Ministry of

Medium Enterprises Development made a call to companies, cooperatives, groups, female managed businesses and businesses involving women to apply for financial support in form of grants given to entrepreneurs.

Such initiatives are welcome developments and show the Government’s commitment to empower more women and address historical imbalances that have over the eyes impeded on their economic progression.

However, these financial packages would need to be matched with financial literacy among women from various classes.

Studies conducted actually show that lack of financial literacy is the major barrier for the majority of women who are running small to medium enterprises.

A global research done by QuickBooks late last year revealed that 74 percent of female entrepreneurs believe financial illiteracy is the biggest financial barrier when running a business.

A further 90 percent of female small business owners say their understanding of financial terms and skills impacts their ability to grow their business.

Though it is a global research, its implications are being felt across Africa and locally as several female-led projects are struggling to survive, although there may be potential for growth.

Given the significance of finance in any business, a woman’s long-term financial success may suffer greatly if they are not financially literate.

It can also create barriers to business growth and success.

Lack of financial literacy can lead to several issues, including a higher chance of overspending, over borrowing and failing to invest in growth opportunities.

This may also make it difficult for women to secure funding from investors or lenders because small business owners may struggle to prepare the financial statements and projections required.

With the strides that Zimbabwe has made in empowering women by availing an array of financial products, it is imperative to match the existing facilities by education female entrepreneurs on all financial aspects of business.

This can be done by offering free financial literacy courses right from the grassroots to well established business women. Those already in the know can also mentor other women through properly structured programmes across all provinces.

A mentor can provide support and reassurance, based on their own experience, and in highlighting the challenges, solutions can be found.

Going beyond even that, mentors can help give women in finance the confidence to believe: ‘It can be done, it is not a question of if, but when.

Building a close group of women that can rely on one another is a culture the country needs to promote at a national level. With that, together with mentoring, both formal and informal, the numbers of those having long successful businesses and entrepreneurial projects should increase.

Many women will benefit from a gender-equal finance function, there will be a significant increase in the successful femaleowned businesses.

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