Zivanai Dhewa
Philanthropist, Founder and Chairman of Econet Group, Strive Masiyiwa and wife have launched a US$100million Challenge Fund for rural entrepreneurs in Zimbabwe.
In a press statement, Masiyiwa revealed his plans to empower Zimbabwe rural entrepreneurs.
“My wife and I have decided to set up a special fund of US$100m over five years for Relmagine Rural Zimbabwe,” revealed Masiyiwa.
“The fund which is our own personal money will be disbursed as loans through Steward Bank (a member of the Econet Group).
“The money will support projects from rural entrepreneurs or those entrepreneurs willing to focus on rural areas,” Masiyiwa added.
Spelling out the conditions on how the money will be distributed, Masiyiwa said, “25% must be set aside for an area of Zimbabwe called Matabeleland.”
Masiyiwa emphasised on the need to empower women and the youth, while emphasising on the business ideas.
“Women must get a minimum of 50%, young people must be the focus.
“Traditional businesses like stores and grinding mills will be excluded, we want to see a new generation of business, to fulfil my dream of #RelmagineRural,” added Masiyiwa
In their conditions to access the money from the Fund, the requirements were laid out.
“A minimum of US$1000 up to a maximum of US$10 000, the money shall carry an interest of 5%, the repayments will go into a revolving fund,” read the press statement.
“All entrepreneurs must undergo training before loans are received and there shall be no collateral to the loan arrangement,” Masiyiwa added.
In the past months, Masiyiwa and his wife were brutalised on social media networks for calling on the west to remove the sanctions on Zimbabwe for it to rebuild its economy.
He has also been instrumental in the educational advancement of orphaned and disadvantaged children by availing scholarships through his organisation, the Higher Life Foundation.
Masiyiwa jumped in with a US$60million sanitation and water initiative in Harare.
The realisation that Africa needs to empower its own by its own has led Masiyiwa to call upon all philanthropists in Africa to support mass entrepreneurship in the continent to adopt the concept.
“My wife is on a major drive to get this concept adopted by other philanthropists, so we can push into other African countries,” Masiyiwa said.
