Renowned banker advises women entrepreneurs

STAFF WRITER

Renowned banker, Emmah Mungoni, who is the Chief Finance Officer at leading financial services provider, ZB Financial Holdings, has advised women entrepreneurs to find the right partnerships, create tailored financial  solutions and align interests on both the  supply side  and on the demand side, in order for them to scale-up their businesses in the  face of a volatile, uncertain, complex and ambiguous (VUCA) business environment, Business Times can report.

She spoke at the Zimbabwe National Chamber of Commerce (ZNCC) Women Enterprise Conference and Awards held in the capital Harare last week.

According to Mungoni, women in Zimbabwe own about 38% of small and medium-sized businesses, and they are more prevalent in the informal sectors including retail, mining, agriculture, and hospitality.

It also comes at a time when women-owned businesses are facing a number of challenges such as limited access to capital, regulatory and institutional constraints, lack of mentorship and networking opportunities and  trouble balancing family and business obligations.

It is estimated that only 3% to 5% of women-owned businesses scale up to become large enterprises.

“Women-owned businesses have significant potential to scale up,” Mungoni said.

She added: “The initiatives are there, but you have to put in the effort, go out there, be seen and perform. As a banker and deal maker, I understand that the key to scaling up women-owned businesses is finding the right partnerships, creating tailored financial solutions, and aligning interests both on the supply side and on the demand side.

It’s a VUCA economy, stay on top of your game. Understand the macro-economic landscape and the impact  of the monetary policy.”

Mungoni also encouraged women-owned businesses to embrace technology to improve  competitiveness.

“Leverage on technology and innovation as a business enabler, a productivity tool and a networking opportunity,” Mungoni said.