Staff Reporter
President Mnangagwa yesterday launched the Presidential Vendors Empowerment Scheme in Bindura District, pledging a total of US$200 000 in interest-free seed capital aimed at uplifting informal traders and steering them towards formalisation.
The scheme, unveiled through Presidential Investment Advisor Dr Paul Tungwarara, will distribute US$20000 per province across Zimbabwe’s ten provinces.
The funding targets market vendors, street traders, and other informal business operators who often lack access to conventional financial services.
Speaking at the launch, Dr Tungwarara said the initiative is part of a broader strategy to “recognise the resilience of Zimbabwe’s informal economy and support it with tangible, interest-free financial resources.”
He further underscored the administration’s commitment to creating inclusive economic opportunities for marginalised communities.
Beneficiaries will receive loans to expand their trading operations, formalise business practices, and access broader markets.
The funds will be administered in coordination with local authorities and vendor associations to ensure transparency and equitable distribution.
“This is not just about money. It is about transforming vendors into entrepreneurs and empowering families through sustainable income streams,” Dr Tungwarara added.
The scheme adds to a series of empowerment programmes spearheaded under President Mnangagwa’s administration.
These include the Presidential Rural Development Programme, which aims to drill boreholes and provide solar-powered irrigation systems in rural communities, and the Presidential Horticulture Programme, promoting commercial horticulture projects for smallholder farmers.
Additionally, the Presidential Poultry Scheme and Goat Pass-On Programme have delivered thousands of livestock units to rural households, enhancing food security and rural incomes.
Observers view these schemes as part of the Government’s drive to revitalise Zimbabwe’s grassroots economy and reduce urban and rural poverty.
However, some economic analysts have urged greater transparency and long-term support structures to avoid dependency or misuse of funds.
Bindura vendors welcomed the initiative, expressing hope it would enable them to restock, acquire proper stalls, and eventually register their businesses.
The first disbursements are expected to begin next month, with monitoring committees set up in each province to oversee implementation.
