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By Elvis Dumba
Harare- Corporates have been urged to economically empower women-owned businesses to reach their full potential and advance sustainable development.
The call was made by Deputy Minister for Women Affairs, Community, Small, and Medium Enterprises Development, Dr. Jennifer Mhlanga, during a signing ceremony of a Supplier Diversity and Inclusion (SDI) partnership agreement between mobile telecommunications company, Econet Wireless Zimbabwe, and the Women Owned Business Trust (WOBT), a trust that helps women scale their businesses and access markets.
Dr. Mhlanga said economically empowered women-owned businesses uplift families and communities and create further opportunities for business growth.
“I would like to applaud Econet on partnering with the Women Owned Business Trust today, a decision that can only enhance their business sustainability. By empowering these (women-owned) businesses, you lift up families and communities and open up more opportunities for your business to grow,” she said.
The agreement between Econet and the WOBT will see Econet increasing its supply chain and procurement expenditure on women-owned businesses over the next few years. It comes amid indications that although 30% of businesses globally are owned by women, they receive less support from governments and corporates.
Dr. Mhlanga said supplier diversity and inclusion have an impact on the national economy as women invest back into families and communities, thereby positively impacting the nation.
“It is a well-known fact that women control 80 percent of consumer decisions globally. By partnering with this important constituency, you are building your sustainability on solid ground as Econet. The dollar that goes into a woman’s pocket goes far, as women are known to spend their earnings on children’s health and education, making them the greatest catalyst for sustainable development,” she said.
The Deputy Minister said the partnership between Econet Wireless and WOBT will empower women entrepreneurs and also help them to access markets and facilitate opportunities for growth and scaling, so they can play a stronger role in the Zimbabwean economy.
“This is in line with the National Development Strategy (NDS) 1 on inclusive growth, which is clear on leaving no one behind,” she said.
Econet Wireless Zimbabwe’s chief operating officer, Kezito Makuni, said his company is committed to promoting inclusion and diversity, which are driving forces of innovation and creativity.
“As part of our supplier sustainability strategy, we plan to promote social and economic equity by empowering women-owned businesses and increasing their participation in our supply chain,” he said.
He noted that Sub-Saharan Africa has the world’s highest rate of women involved in entrepreneurial activity at 26%, according to the MasterCard Index of Women Entrepreneurs 2021, and that Zimbabwe had a higher score of 34% of businesses owned by women.
“However, women entrepreneurs still face significant challenges in accessing financing, training, and mentorship, and in access to markets in order to grow their businesses. These are just a few of the many barriers that women face in the business world,” he said.
“We would like to congratulate WOBT for taking on the challenge to assist women entrepreneurs to overcome these challenges through capacity building and providing access to markets.”
He added that the partnership with WOBT was not just about meeting quotas or ticking boxes, but about recognising the immense talent and potential of women entrepreneurs and creating an environment in which they can thrive.
WOBT chairperson, Dr. Divine Ndhlukula said the gesture by Econet to increase the number of women on its supply chain was a game-changer for women’s prosperity.
“Investing in women is not only a moral and institutional imperative, but also a smart thing to do. And this is why there is a call for action to support women’s economic empowerment in real terms, not just in words,” she said.
Dr. Ndhlukula noted that investing in women builds stronger nations as they are more likely to spend their money on children’s health, nutrition, and education, making them a major catalyst for development.
“When females earn income, they reinvest 90% of their incomes in their families and communities, leading to faster local development of communities. Women also go out of their way to employ women, thus creating safe jobs for women,” she said.
