By Talkmore Gandiwa
The United States Embassy in Zimbabwe officially launched its 2024 Academy for Women Entrepreneurs (AWE), a program designed to support women in starting and expanding businesses.
AWE focuses on fostering entrepreneurship among women by providing essential skills and resources needed to access economic opportunities and engage effectively in business activities.
This initiative aligns with the Reserve Bank of Zimbabwe’s efforts to enhance financial literacy through the recently introduced National Financial Inclusion Strategy 2 (NFIS 2), which is set to run until 2026.
The NFIS2 aims to overcome barriers to financial inclusion by addressing the needs of underserved groups. It plans to achieve this through key priority measures designed to strengthen financial infrastructures and reduce financial exclusion.
Addressing participants at the 5th AWE launch, US Ambassador to Zimbabwe Pamela Tremont said the embassy’s commitment to partnering with both the Zimbabwean government and the private sector to improve the investment climate.
“Your efforts transform informal hustles into legitimate, employment-creating ventures and will inspire others to recognize the potential for business partnerships here in Zimbabwe,” Tremont said.
furthermore, the program aims to improve the success rates of women in business across the country. Since its launch in 2019, AWE has educated 400 women in Zimbabwe and partnered with the US Africa Development Foundation (USADF) to provide funding for their businesses.
“As a flagship program that promotes entrepreneurship through increased trade, AWE aligns with the US strategy on global women’s economic security, which envisions a world where women and girls, in all their diversity, can fully and equally contribute to and benefit from economic growth and global prosperity,” said Tremont.
AWE was established to advance gender equality. Launched in 2019 in collaboration with Pulse on Point and the USADF, AWE is a crucial component of the commitment to gender equality. Among the over 60 programs run by the United States in Zimbabwe, AWE stands out for its role in elevating the status of Zimbabwean women.
Doreen Chimwara, the country program coordinator for the US Africa Development Fund (USADF), emphasized the timely creation of AWE.
“The US government established AWE to tackle the challenges women face in accessing financial support, business training, financial literacy, and networking opportunities. We are already witnessing the significant impact that even modest funding can achieve,” Chimwara said.
Chimwara also said that the 2024 AWE participants span various business sectors in the country, from engineering to agriculture. The AWE program offers networking opportunities and practical skills such as financial literacy and human resource management, which are essential for running a sustainable business.
Additionally, the program has partnered with Zimtrade to ensure that participants are prepared for investment opportunities.
Reserve Bank of Zimbabwe Deputy Governor Rachael Mushosho highlighted the focus on women in micro, small, and medium enterprises (MSMEs), who make up 52% of the country’s population.
“MSMEs contribute more than 60% to the national GDP, and of these, over 80% are owned by women. However, only 10% of these MSMEs are fully registered and formalized,” said Mushosho.
She added that companies must be registered to receive financial support from the bank. Through AWE, the sector is expected to thrive in accessing funding both locally and regionally.
