Budiriro: Empowering Zimbabwe's Informal Sector Through Formalization
Driving economic prosperity by simplifying business registration and fostering growth.
The Budiriro Initiative: Key Points
What:
Budiriro (‘prosperity’ in Shona) is a TECA initiative to formalize Zimbabwe’s informal sector.
Why:
64.1% of Zimbabwe’s economy is informal, limiting growth and tax revenue.
How:
Partnership with ZIDA to create a streamlined, online business registration platform.
Goal:
To simplify formalization, create jobs, and boost economic growth
Our Strategy: Action & Impact
Simplifying Registration:
- Developing a digital one-stop platform with ZIDA.
- Advocating for policy reforms to reduce costs and bureaucracy.
Economic Growth:
- Expanding the tax base and increasing government revenue.
- Formalizing jobs and improving working conditions.
- Increasing access to finance for small busineses.
Key Actions:
- ZEGA research paper to guide policy changes.
- MOU with ZIDA.
- Creating digital platform and policies.
Impact:
- Unlocking the $42 billion potential of the informal economy.
- Empowering youth and women entrepreneurs.
- Building a more prosperous Zimbabwe.
Why Now?
Government’s “Open for Business” theme: We’re aligning with the government’s economic goals.
Economic Freedom Audit (ZEFA): ZEFA findings will drive necessary reforms.
Opportunity: To transform Zimbabwe’s economic model.