Entrepreneurship and Financial Education for Gender Equality in Zimbabwe

1. ENTREPRENEURSHIP DEVELOPMENT AND FINANCIAL EDUCATION –A SOLUTION TO THE GENDER DISPARITY IN ZIMBABWEBY INTELLIGENT BUSINESS CONSULTANCY DATE: 14th MAY 2015

2. About Intelligent Business Consultancy • IBC is a business consultancy and financial services firm registered with the Reserve Bank of Zimbabwe as a microfinance institution and is also a member of the Zimbabwe Association of Microfinance Institutions (ZAMFI) the SME Association of Zimbabwe. • It provides business consultancy and financial services to entrepreneurs and individuals with a purpose of providing business, social and financial solutions to the micro, small and medium enterprises. • Since January 2013, the company has disbursed 377 loans to SMEs ,to the value of USD289,323.83 as at 31 July 2014 from private personal capital invested by the owners.

3. The Entrepreneurship and Financial Education Proposed Program-Context of Zimbabwe • About 60% of the Zimbabwean population live in the rural areas . • Women constitute a higher percentage of this rural population with very low levels of literacy (educational and financial) • Majority of Zimbabweans are forced into SMEs and the informal sector due to many company closures and retrenchments. • 85% of MSME owners do not borrow from any financial institutions due to fear of failing to pay back. An estimated 24% of the country’s US$10,81 billion Gross Domestic Product (GDP) remains largely unbanked. • Source: Finscope Survey ( 2011,2013), World Bank Stakeholder Consultative Workshop (July, 2014)

4. Problem…. Living standards in Zimbabwe have continued to go down during the pre and post dollarization era with financial illiteracy in the peri-urban and rural communities rising, especially among the women population.

5. Target Group • Women and youth in peri-urban and rural areas

6. Program Objectives • To encourage and nurture a culture of entrepreneurship among women and youth in Zimbabwe. • To improve living standards of women and youth through financial education and entrepreneurship training. • To increase financial literacy among the rural women and youths in Zimbabwe • To develop and support new entrepreneurs through structured training programmes • Advocate for financial capability through education as an essential life skill from an early age through the integration of financial education into the formal curriculum at schools and higher learning institutions.

7. Solution and Call To Action The Solution • The entrepreneurship development and financial education program seeks to instil the entrepreneurship spirit for empowering business growth for the women and youth entrepreneurs to enhance sustainable incomes and financial literacy. • To provide entrepreneurship training and financial education to women and youth , fostering business growth, opportunities for wealth and employment creation. • The programs therefore seeks, support in business development services, networking support and resource mobilisation to realise its objectives.

8. Proposed Key Partners • Ministry of SMEs and Development • Ministry of Women, Gender and Economic Empowerment. • Zimbabwe Youth Council • Institute of Youths of Africa • Financial Service Providers (Banks, MFIs, Insurance) • Econet Wireless, Telecel and Net-one(Mobile Services Companies) • Educational Institutions • UN Women • MASHAV • World Bank • Mustard Seed Consulting

9. Key Activities • Stakeholder Consultations • Program Curriculum Development • Program Staff training • Training of Trainers • Road Shows and Radio Campaigns • Procurement of Materials and Equipment • Mobile training in the communities • Monitoring and evaluation

10. Gender Mainstreaming Component • Women in communities to set out their own training times • Work with school leavers and University students in demonstration workshops for the youths • Have more women trainers on the training teams for the community women • Visiting successful women entrepreneurships in the local communities • Use of women visuals in awareness and campaign materials • Use of a woman’s voice at our automated call center

11. Proposed Budget

12. Action Plan-Working Methods • Mobile training vans into the communities • Adult Learning Principles (ALP) • Experiential Learning Cycle (ELC) • Public Forums • Financial Incubators

13. Proposed Action Plan-Working Methods

14. Working Methods

15. Work Plan

16. Monitoring and Evaluation • Number of Women trained • Number of Youths trained • Number of jobs created • % of jobs created • % of access to and use of financial services • Number of Savings clubs created • Sustainable businesses created after trainings • Number of businesses formally registered • % of women in jobs created • Number of trainings conducted per period

17. What has been done to date • Some of the company consultants have been trained in Financial Education for Youths and Adults by Microfinance Opportunities through its local partners. • The company has started group trainings for local vendors in simple business management and finance related matters and in turn provides trained groups with finance to finance their small businesses. To date about 8 groups have been trained and offered finance for their vending businesses • The company has partnered with IYA –Institute of Youths of Africa to enhance entrepreneurship training for the youths and the women in the local districts.

18. Contacts GLADYS SHUMBAMBIRI CHIEF EXECUTIVE OFFICER INTELLIGENT BUSINESS CONSULTANCY CELL: +263779094034/ +263776804440 OFFICE:+2638644085309 WEB: www.ibc.co.zw EMAIL: gshumbambiri@ibc.co.zw/glshumbambiri@gmail.com SKYPE: intelbusconsultants