UNCDF and Bamboo Capital launch SME loan fund for Zimbabwean SMEs

The UNCDF has partnered with Bamboo Capital Partners to launch the Bamboo-UNCDF Initiative for the BUILD Fund, aimed at driving financial support to SDG-focused businesses in the least developed countries (LDCs).This initiative supports enterprises with high social impact but high financial risk, targeting areas underserved by traditional financiers. The BUILD Fund, supported by the BUILDER TA Facility, pioneers a unique investment approach in SMEs within LDCs. 

The EOI specifically seeks organizations with growth capital needs aligned with the BUILD Fund's financing instruments, emphasizing market relevance, scalability, and positive socio-economic impact. Eligible organizations are invited to express their interest for potential collaboration.

SMEAZ SACCOS elects new committee members

The SMEAZ Savings and Credit Cooperative Society now has a new leadership committee! Speaking soon after the election process, Mr Farai Mutambanengwe the Executive Officer and elections coordinator said members had voted for the committee members that they now expect to lead the process of full revival of the SACCOS. Elected as chair of the Management Committee was Mrs Chiedza Chigombe, Managing Director of Kubota Holdings. With an impressive set of academic qualifications as well as extensive entrepreneurial experience, it is expected that she will be able to lead the SACCOS to newer and greater heights.
Other chairpersons elected were Mrs Joylyn Chikengezha who heads up the Supervisory Committee, as well as Mr McLister Bere heading the Loans Committee. Appointments are still to be done for the Education as well as the Technical Advisory Committees, and the Management Committee is expected to be seized with this task early in the upcoming year. The full list of committee members is on this page: https://saccos.smeaz.org.zw/index.php/about-saccos/committees
Money growing

SMEAZ revives Savings and Credit Cooperative


The SME Association of Zimbabwe members in a landmark meeting voted overwhelmingly in favour of reviving the SMEAZ Savings and Credit Cooperative Society Limited (SMEAZ SACCOS) in a well-attended virtual meeting. The SMEAZ SACCOS had previously been mothballed in 2018 subsequent to the conversion of US dollar bank balances into ZWL that happened at the time.

Speaking at the meeting, SMEAZ Executive Officer Mr Farai Mutambanengwe narrated how the SACCOS had been forced to shut down in the wake of rampant inflation, which rendered savings that members had accumulated at the time useless. It was also futile to try and create interest rate based instruments at the time. With the re-instatement of the USD and more recently the removal of the 15% surrender on domestic foreign currency deposits, members saw an opportunity to revive the SACCOS on a US dollar basis.

Members will now proceed to do the initial registration, with a view to re-instating structures, processes and systems, before proceeding to launch the SACCOS. It is anticipated that full roll-out will begin in earnest in the first half of 2024.


The SMEAZ SACCOS is a regulated body registered under the Ministry of Women Affairs, Community & SME Development. Its funds and operations are controlled and overseen by strong independent committees drawn from its membership. Our products are safe, and tailored to meet your requirements as an SME.

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