THERE is need to ensure access to affordable finance, training and market opportunities, which are key growth drivers for small to medium enterprises, ZB Financial Holdings Limited non-executive director, Ms Tenjiwe Sibanda, has said.

SMEs stimulate competition for the design of products, prices and efficiency and without them, large enterprises would hold a monopoly.

Speaking at the ZB SMEs Expo 2024 held in Bulawayo last week, Ms Sibanda said there was need to empower entrepreneurs.

"As we strengthen the SMEs, we are answering the call for SMEs growth as laid out in the National Development Strategy 1 and the SMEs Policy and fulfilling the national Vision 2030, as ably guided by President Mnangagwa," said Ms Sibanda.

The event was a platform for SMEs to showcase their products and services, running under the theme, "Accelerating growth of SMEs through financial partnership".

Ms Sibanda called upon the financial services sector to provide loan facilities for SMEs.

"We look forward to continue collaborating with ZB Bank and other stakeholders to build a brighter future for SMEs in Zimbabwe.

"We appreciate the assistance we are receiving from all Government departments," she said.

Ms Sibanda said there was an urgent need for SMEs to formalise their businesses as there were numerous advantages associated with formalising such as easy access to funding.

"There is need to register our organisations with the Deeds and Companies office, Zimra, PRAZ, NSSA and Bulawayo City Council.

"It is easier to deal with development partners including banks when business is formal; it is also a growth strategy.

"All those who have been afforded space to exhibit, please use this occasion to market yourselves and grow. We have a total of 60 SMEs exhibiting, and we would want to thank and appreciate ZB Bank for this opportunity.

"I am informed that ZB Bank has a unit taking care of SMEs, let us utilise its services," she said.