'Govt training 35 000 MSMEs each year'

Mavis Sibanda, permanent secretary in the Ministry of Women Affairs

GOVERNMENT says it is training an average of 35 000 micro medium and small enterprises (MSMEs) annually on business management and other business-related issues, NewsDay Business can report.

The MSMEs sector remains a key component of Zimbabwe's economy which is estimated to constitute more than 60% of the economic activity in the country.

MSMEs are now the backbone of the economy in the country, employing around 4,8 million people in 2021.

"The training being conducted today is going to empower you also to include insurance and risk management in our training programmes,” said Mavis Sibanda, permanent secretary in the Ministry of Women Affairs. She was speaking during a risk and business insurance training for business development officers organised by the Insurance Council of Zimbabwe (ICZ).

“I am informed that this is the first session of a series of training sessions where about 120 Officers will go through this training programme. I am excited with this initiative taken by ICZ in unmasking and demystifying this animal called business risk and mainstreaming insurance in MSME training initiatives.

“I am confident that by the end of these training of trainers’ sessions, the Ministry will have competent officers providing insurance training and raising awareness to SMEs nationwide enabling the sector to embrace risk mitigation measures for their businesses.”

Sibanda said the training of trainers on risk management and business insurance for business development officers in the ministry capacitated the officials on risk mitigation and the use of insurance as a security tool for MSMEs.

She added that although the sector was significantly contributing to the growth of the economy, SMEs continued to face several challenges that include a lack of business management skills, mentorship, coaching, markets, workspace business, and financial linkages.

"Risk management is not a luxury but a necessity for SMEs striving for long-term success. By adopting a proactive and comprehensive approach to risk management, SMEs can mitigate potential threats, seize opportunities, and enhance their resilience," she said.

The National Development Strategy (NDS1) has recognised the emergence and unprecedented role played by the MSME sector in contributing not only to employment creation.

Related Topics