Home Featured MoneyMart Finance championing Financial Inclusion and Entrepreneurial Empowerment
FeaturedMoney

MoneyMart Finance championing Financial Inclusion and Entrepreneurial Empowerment

Share
Share

Dr. Ethel Chiwara Mupambwa, the CEO and founder of MoneyMart Finance (Private) Limited (MMF), is a pioneering figure in Zimbabwe’s microfinance and financial inclusion landscape. With a deep-rooted passion for empowering marginalized communities, particularly women and youth, she has dedicated her career to addressing financial exclusion and promoting sustainable business development across the country.

Dr. Mupambwa’s latest milestone is the opening of a new branch of MoneyMart Finance in Binga, set to open on November 12, 2024. This new branch is particularly significant because it brings much-needed financial services to an area that has been historically underserved. Binga, like many rural parts of Zimbabwe, has large numbers of financially marginalized individuals, and Dr. Mupambwa sees this expansion as a crucial step toward achieving greater financial inclusion in the region.

The new Binga branch will cater to the growing need for accessible and affordable financial services for both individuals and businesses in the area, particularly for women and youth. MMF’s vision is to provide comprehensive financial solutions tailored to the specific needs of local entrepreneurs, helping them grow their wealth and improve their livelihoods. Dr. Mupambwa’s message to the people of Binga is clear: “Creating Wealth, Changing Lives!”

Passion for Financial Inclusion: Founding MoneyMart Finance (Private) Limited

Growing up in rural Nembudziya Gokwe, she experienced firsthand the challenges of financial exclusion, a problem that has driven much of her professional and philanthropic endeavors. Having witnessed the struggles of women, youth, and marginalized communities in accessing financial resources, she has committed her career to bridging the financial gap for the unbanked, particularly in remote and underserved areas.

“My passion is in financial inclusion, having grown up in a financially excluded area in the rural streets of Nembudziya Gokwe in Zimbabwe.” She says.

A Certified Digital Finance Practitioner from the Digital Frontiers Institute, her career in microfinance began in 2012, and in 2014, she founded MoneyMart Finance to provide tailored financial solutions like microloans for informal business owners, micro-enterprises, and the financially excluded. The aim was to bridge the gap for low-income entrepreneurs, often women and youth, who face unique obstacles in accessing capital and financial services.

MoneyMart started off with just three employees but has since grown into a formidable player in the financial inclusion sector, with a workforce of over 30 employees and a network of brick-and-mortar branches across Zimbabwe, including locations in Harare Gweru, Mutare, and Bindura and the Binga branch, opening on November 12, 2024.

In recognition of her contributions to business leadership and philanthropy, Dr. Mupambwa was awarded an Honorary Doctorate of Humane Letters (DHL) by the International Institute of Philanthropy in 2021. She was also conferred with an Honorary Doctor of Business Leadership and Entrepreneurship from the International Women’s University. Additionally, she was named among the African Business Heroes of 2020 by the Jack Ma Foundation and honored as Businesswoman of the Year 2021 by The Zimbabwe National Business and Leadership Awards. Her achievements and leadership qualities have earned her recognition on both local and international stages.

In 2023, Dr. Mupambwa had the opportunity to study at Stanford University’s Graduate School of Business through the Stanford Seed Transformation Program. This prestigious program provides experienced CEOs and founders with the tools and insights needed to scale their businesses exponentially. Her enrollment in this program further demonstrates her commitment to continuous growth and leadership development, both for herself and for the broader Zimbabwean entrepreneurial ecosystem.

Beyond financial services, Dr. Mupambwa is passionate about the empowerment of SMEs, which she sees as the backbone of Zimbabwe’s economy. SMEs contribute over 60% of Zimbabwe’s GDP and are essential for job creation and economic growth. However, these enterprises face significant challenges due to financial exclusion. Her work focuses on providing not only funding but also financial literacy, business skills, and mentorship to ensure that these enterprises can thrive.

“The contribution of over 3.5 million SMEs to 60% of the country’s GDP is not only significant for Zimbabwe but also for the entire African continent. These SMEs are the backbone of the economy, providing employment opportunities, fostering innovation, and driving economic growth.” She said.

Empowerment for Women and Youth

Her vision extends beyond business success. She is a staunch advocate for women’s economic empowerment and the importance of financial literacy, believing that when one woman entrepreneur is empowered, she inspires many more. As an African entrepreneur, she works relentlessly to create opportunities for young women and micro-entrepreneurs, recognizing that financial inclusion is key to both gender equality and sustainable economic development.

“Women’s economic empowerment is essential for achieving gender equality and driving sustainable development. Having equal access to economic opportunities benefits not just women but entire communities and economics.
“By empowering young women and girls in particular, we can create a ripple effect where one empowered woman inspires and uplifts many others. Nurturing the next generation of empowered women is crucial for building a more equitable and prosperous society.” She said.

Dr. Mupambwa’s work continues to shape the future of Zimbabwe’s small and medium enterprises (SMEs), empowering them with the skills and resources necessary to thrive. Her leadership and expertise in the financial sector have made her a key figure in Zimbabwe’s drive to combat financial exclusion and promote inclusive growth for all. MoneyMart’s services range from micro loans, solar home system loans, asset financing, funeral cash plans, school fees loans, Mukando among a host of others.

Share
Related Articles

Mywagepay: Unlocking Growth for African SMEs

The story of Beth Wambui Mwangi, CEO and founder of Mywagepay, embodies...

Believe Mabutu: Young entrepreneur determined to take XAU Prime Forex to the top

Just before embarking on the final and probably most important part of...

Building Communities: Virginia Sibanda’s Microfinance Impact

Virginia Sibanda, the dynamic CEO of VIRL Financial Services, has established herself...

Wiremit Transfer: Brian Manyau’s Mission to Simplify Global Money Transfers

Brian Manyau’s entrepreneurial journey is a testament to his passion for problem-solving...