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Nigel Chanakira

Bianca Mlilo, Business Reporter
A FUNDING facility to the tune of $20 million would be availed for the support of the growing small to medium enterprise sector in the country this year, an official said.

Zimbabwe Investment Authority chairperson Nigel Chanakira yesterday told delegates who attended an SMEs conference in Bulawayo that he was part of the team involved in the negotiations for the package.

He said this as he unveiled his “riskflow” application, a cost effective way of monitoring financials, which is available online at an affordable price for both individuals and companies.

The former banker and businessman said the funding would be accessible through local banks, which have already expressed interest in the initiative.

“We’ve already signed up with one bank, Steward Bank.  If you use this app through Steward Bank you’ll be able to access a loan,” he said.

“Already Steward Bank is ready to receive the first 3,000 applicants who will register on their mobile app and also on this app.

“Here in Bulawayo we’ve had an expression of interest from POSB. They attended the conference as well and are also interested in finding clients and hopefully we’ll sign them up…and we want to open it up to all banks in line with the financial inclusion that the Reserve Bank is advocating for.”

Chanakira said he decided to set up a cost effective app, which is usable on a smart phone, tablet or computer.

“So, a person can then develop a business model without necessarily using a professional accountant,” said Chanakira.

“Our app will consolidate an income statement, which will link up with the balance sheet and also a cash flow statement. Those are the three fundamental things, which any investor or lender is looking for.

“The app allows a business person to make projections for five years and then to also determine the financial investment that’s required on the project, and also determine the financial decisions that need to be arrived at.”

The app can tell whether one needs to raise equity finance, whether they can carry a debt and whether they can have a viable business.

It also allows one to come up with different possible scenarios: worst case, best case and middle scenarios.