Financial literacy, key strategy to economic growth

 

In 2019, the Women Entrepreneurship Day organization organized a financial literacy training in Masvingo for 150 women. These women came from different sectors and backgrounds. Some did not have businesses by then. The program was sponsored by Homelink Finance (a division of Reserve Bank of Zimbabwe), and Great Zimbabwe University Department of Business Studies provided content for the training. It was a 5 day training which started on a Monday and ended with a graduation on Friday. GZU lecturers delivered various topics on business management. Other topics covered were marketing management, record keeping, how to start a business, and how to write a business proposal, among others. Women in communities were equipped with skills that transformed their lives.  

From that training, women were so motivated in a great way. Some women started their businesses, which are running up to now. While others have become employers running big businesses in town. One of them is Benonia Machavuda, whose poultry and hardware business has grown tremendously. Benny as she is affectionately known,is the Director of Eben Hardware which has opened 3 branches, including Mwenezi. Her growth has subsequently made her to be considered in various boards such Hope Tariro Trust and Ratidzo Zimcare Trust. In 2023 she was nominated as Women Entrepreneurship Day Ambassador for Masvingo. Benny is also lecturerer at Masvingo Teachers College.

 Gracious Shonhayi is another entrepreneur who has grown tremendously. Gracious a former Great Zimbabwe University student who defied all odds and ventured into goats and livestock production. After the Homelink training, Gracious continued with her livestock production, ventured into retail trade and now running a successful restaurant and a supermarket in Masvingo, Mashava and Chiredzi. She has also won various business awards. 

These are some of the few examples of women with tangible success stories that came with financial literacy training. The training has made such a wonderful and remarkable transformation in women and communities. This is because they are now employers also contributing to the national fiscus and providing tangible services to communities. With the informal sector on the rise, a holistic approach should be made so that it can  transform the informal sector through such trainings. Communities need to be trained on the importance of formalizing their businesses. Various stakeholders such as local authorities, Zimbabwe Revenue Authority, banks, large corporates,colleges and universities should encourage such trainings as this will increase the formalization of businesses in a great way. 

 Financial literacy equips one with knowledge to make informed decisions, leading to greater monetary stability. It empowers one to take control of finances and navigate the challenges and opportunities that arise. Financial literacy is a crucial element in achieving financial health. 

 As we unpack this year our mandate and focus as WEDO movement is to spread the wings in various communities with such trainings as this has proved to be one of the key pillars that improve the growth of the economy without a single doubt. 

 When we did the program, we realized that not only women were equipped with financial and business literacy but they gained confidence to express themselves. They now had the courage to express themselves. One Mbuya Mhare felt honoured to be presented with a Great Zimbabwe University certificate. It boosted her confidence and improved her self-esteem. She was celebrated by her grandchildren, and it made her feel very special. “I never got far with education my daughter, I only reached standard 2 and my parents failed to raise money for my education then I subsequently got married and had children and grandchildren, I have been a selling fruits and vegetables on the market for decades and I am happy to receive such a training and I know I will never be the same again” she narrated. 

WEDO is a global movement celebrated in more than 144 nations and its mission is to empower the 4 billion women across the globe to be catalysts of change, and uplift the 250 million girls living in poverty globally. In addition to our mission of empowerment, we are committed to gathering a think tank of inspiring women leaders who can amplify our message of expanding businesses with social-good initiatives in communities around the world