By Ncaba Ntshakala
The Minister of Commerce, Industry, and Trade, Manqoba Khumalo, has recently made a major step in empowering women-led businesses, particularly those in the informal sector, through the relaunch of the Women’s Business Start-Up Microfinance Revolving Fund.
The Minister revealed that as of March, loans totalling E4.5 million have been disbursed, highlighting the robust demand for financial services among grassroots entrepreneurs.
Khumalo, during the official relaunch of the fund, acknowledged the challenges many women face in securing conventional loans, particularly those who lack regular income or collateral.
“Many women working in the informal sector face tremendous challenges in securing financial assistance. This project seeks to close that gap,” he stated.
The fund, implemented through the Kuyenteka Savings and Credit Cooperative Society Ltd (SACCO), aims to offer these women financial access by using their savings as collateral, which will enable them to grow their businesses and secure a more stable financial future.
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This initiative is not merely a financial venture but was said to represent an empowerment movement for women entrepreneurs.
The fund was first initiated by the former President of the Republic of China (Taiwan) Tsai Ing-wen and Her Majesty the Queen Mother of Eswatini.
It focuses on uplifting women, especially at the grassroots level. Khumalo emphasised that this alliance highlights the critical role women play in the socio-economic development of Eswatini.
“This is not just a launch of a financial initiative, but a celebration of the empowerment of entrepreneurs, particularly women, and their vital role in our nation’s socio-economic growth,” he said.
The Minister also added that the SACCO model employed by the fund promotes a community-driven approach where women save together, borrow together, and expand their businesses collectively.
This method was hailed as it enhances collaboration and mutual support that aligns with Eswatini’s strong community values.
Khumalo noted that this initiative also aligns with global Sustainable Development Goals (SDGs), particularly SDG 1 (No Poverty), SDG 5 (Gender Equality), and SDG 8 (Decent Work and Economic Growth).
He emphasized that empowering women economically has far-reaching benefits for families, communities, and the nation as a whole.
Again, the success of this initiative, as evidenced by the E4.5 million disbursed, is a clear indication of the fund’s impact.
“The early success of this initiative speaks to the strong demand for accessible and affordable financial support for women-led businesses,” Khumalo remarked.
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He further highlighted the critical role played by the International Cooperation and Development Fund (ICDF), which has been instrumental in executing the access to finance pillar under the Micro, Small, and Medium Enterprises (MSME) National Policy.
Moreover, beyond financial support, the Women’s Business Start-Up Microfinance Revolving Fund provides capacity-building opportunities which equip women with essential skills through business management training, mentorship, and incubation programs.
These efforts ensure that the women benefiting from the fund are prepared to not only manage but also grow their businesses sustainably.
As Khumalo noted, the continued success of the fund depends on the commitment of its beneficiaries to honour their financial obligations.
He called for accountability and urged all entrepreneurs who have benefited to repay their loans promptly to ensure the sustainability of the revolving fund, thereby allowing future generations of women entrepreneurs to benefit from this vital resource.
In his closing remarks, Khumalo expressed his gratitude to all stakeholders involved, including the ICDF, the Republic of China (Taiwan), and Her Majesty the Queen Mother, for their continued support.
“Together, we are building a brighter future for the women of Eswatini and contributing to the sustainable development of our nation,” he concluded.