Zimbabwe and the United Kingdom have launched a program aimed at supporting women and youth facing unemployment and socio-cultural challenges. During the signing ceremony for the UK Foreign, Commonwealth and Development Office-Zimbabwe Agricultural Development Trust in Harare, Reserve Bank of Zimbabwe deputy governor Jesimen Chipika highlighted the struggles of Zimbabwean youth with low financial inclusion and limited opportunities to showcase their potential.
The signing ceremony took place alongside the launch of the Creating Adaptive Unique Systems for Access to Finance for Women and Youth (Causeway) project.
Jesimen Chipika highlighted that women, who make up more than 52% of the population, face financial exclusion stemming from socio-cultural barriers and significant financial illiteracy. She noted that the central bank is leading efforts to develop and implement the second phase of the National Financial Strategy, aimed at increasing the adoption and utilization of financial services and products to promote sustainable and inclusive economic growth.
ZADT has partnered with the UK embassy and RBZ on the Causeway initiative to support women and youth-led agro-enterprises in Zimbabwe. Launched in June 2023, this three-year project aims to improve access to finance for low-skilled individuals in peri-urban and rural areas, empowering them to develop income-generating projects that enhance household incomes and food security by May 2026.
Reserve Bank of Zimbabwe deputy governor Jesimen Chipika said, “My appreciation goes to the British embassy in Zimbabwe for responding to the call for support and provide funds to ZADT to enable them capacitate the smallholder farming sector and micro, small and medium agro-enterprises.”
The UK embassy development director and deputy ambassador Joanne Abbot said, “Our partnership with ZADT brings in a new angle of sustainable approach to financial sector development. The facility seeks to support growth-oriented women and youth-led businesses through financial institutions as a revolving loan facility.”
Godfrey Chinoera, the CEO of ZADT, announced that the initiative aims to empower youth aged 18 to 35 and women aged 36 to 65 by providing business development services that facilitate access to financial resources from institutions. He noted that over 4,000 individuals, out of a goal of 11,000, have received training to help them secure financing.