During her tour of Old Mutual’s Eight2Five Innovation Hub for Small and Medium Enterprises yesterday, Women Affairs, Community, and Small and Medium Enterprises Development Minister Monica Mutsvangwa recognized the progress achieved by private businesses in bolstering President Mnangagwa’s development program.
Developing relationships with the corporate sector and postsecondary educational establishments continues to be the central focus of government initiatives aimed at promoting innovation, accelerating economic development, and assisting local companies in succeeding.
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Minister Mutsvangwa made a statement during the visit stating that the Eight2Five Innovation Hub had made a significant contribution to resolving issues related to workplaces in the retail industry.
“The center’s construction has significantly lessened workspace challenges, particularly for Harare’s SMEs in the retail sector,” the speaker stated.
“One of the largest issues facing SMEs is access to finance, and the ministry is grateful for the part that financial institutions, like Old Mutual, are playing in supporting the government’s efforts to improve SMEs’ access to funding.”
The innovation hub, according to Minister Mutsvangwa, is proof that Old Mutual supports SMEs.
Old Mutual’s dedication to fostering creative entrepreneurs in our community is amply demonstrated by the Eight2Five Innovation Hub, which we had the opportunity to explore today.
The only thing preventing Old Mutual from accomplishing more, according to Rutendo Magorimbo, managing director of Life Assurance, is finance.
“Since most people are not saving their money, it becomes hard for us to have money to fund most of our projects that will help in alleviating poverty,” she said.
“We are seeking to expand to all the 10 provinces in Zimbabwe, and we are hoping that with adequate funding, we will be able to complete it.”
