An assessment on the Impact of Financial Products and Services Accessibility on SME Growth and Development in Zimbabwe

Abstract

This study investigates how the access to financial products and services affect growth and development of the Small and Medium Enterprises (SMEs) in Zimbabwe. The study uses a mixed-methods approach that combines primary data collected from self-administered questionnaires targeted at SMEs owner-manager by incorporating secondary sources from monetary policy statement, World Bank financial statistics, and scholarly literature. The objective of this all-inclusive data collection approach is to present, an overall picture of the financial infrastructure for SMEs in Zimbabwe which is focused on both access to Finance and the impact of financial services on SME growth. The survey instruments were, therefore, developed to provide more nuanced feedback on the twin issues, inquiring both qualitatively and quantitatively about notions of SMEs’ involvement with financial services. The secondary data assists to present these findings within the broad economic environment; thus, a macro-level perspective of the challenges and opportunities that are facing SMEs in Zimbabwe is provided. The anticipated outcomes of the research aim at improving knowledge about of the role of financial accessibility in supporting growth and development of SMEs in a developing country. Thus, we note the lack of policies that increase the financial inclusion and ensure the SMEs as major development engines.