MoneyMart Finance: Empowering Women and Advancing Sustainable Development in Zimbabwe

Dr. Ethel Mupambwa, Founder and Group CEO of MoneyMart Finance, a leading digital microfinance institution in Zimbabwe, emphasizes the company’s commitment to empowering women in the informal sector and advancing UN Sustainable Development Goals.

“MoneyMart Finance has rapidly evolved into one of Zimbabwe’s premier digital microfinance institutions, boasting a network of 35 branches presently, with plans to expand to 48 branches by the close of 2024. We pride ourselves on being financial agitators, serving as custodians of the bottom of the pyramid within the informal sector of Zimbabwe. Our decision to focus on the informal sector stems from the compelling statistics revealing that approximately 60% of Zimbabwe’s GDP is derived from this sector. Within this sphere, micro, small, and medium enterprises (MSMEs) reign supreme, with women constituting a staggering 60% of MSME participants. Hence, our dedication to championing women’s empowerment is a cornerstone of our mission”, says Dr. Ethel Mupambwa.

“As an institution, we are deeply committed to advancing the United Nations Sustainable Development Goals (SDGs), particularly SDGs 1, 3, 5, and 7. Our approach to SDG 1, combating poverty, revolves around extending opportunities to the bottom of the pyramid, acknowledging the vital role played by micro-entrepreneurs, often supported by small-scale businesses, in driving economic growth. We recognize the sacrifices made by our mothers, whose entrepreneurial endeavors enabled our education and subsequent success. Thus, we tailor our services to address their unique challenges with flexibility and empathy, understanding that there is no one-size-fits-all solution. Central to our mission is promoting financial literacy. However, we understand that effective engagement requires a strategic approach. Rather than imposing financial education, we initiate conversations around topics of interest, such as access to non-collateralized credit. By advocating for alternative credit assessment methods that focus on assessing individuals based on their business potential rather than traditional collateral requirements, we aim to level the playing field for women who often lack access to conventional forms of collateral”, she adds.

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