In the heart of Mutasa District, the story of Cynara Dairy Cooperative is unfolding into a powerful case study for why Zimbabwe urgently needs the Cooperative Debentures Exchange (CDE)—a platform designed to unlock capital for cooperative-driven development across sectors. This dairy cooperative is proving not only the viability of co-op projects in Zimbabwe, but also how transformational access to tailored financial products can be when matched with government support and committed grassroots initiatives.

A Cooperative on the Rise

Cynara Dairy Cooperative is one of Zimbabwe’s most inspiring rural development success stories. Thanks to strategic interventions through the Presidential Silage Scheme and financing from the Zimbabwe Women’s Microfinance Bank (ZWMB), the cooperative has rapidly expanded its dairy herd and increased production targets from 67,000 litres in 2024 to 300,000 litres in 2025.

At the core of this transformation is access to capital—capital that was previously out of reach for many rural farmers due to lack of collateral or credit history. ZWMB stepped in with an innovative financing model where in-calf dairy heifers themselves served as loan collateral and the loan packages even included insurance coverage for the livestock. This removed the traditional barriers to credit that have long excluded rural and women-led co-ops from mainstream financial systems.

A Broader Vision: The Need for the Cooperative Debentures Exchange

While ZWMB’s support was catalytic for Cynara Dairy, such success needs replication and scaling—not as a once-off intervention, but as a structured, ongoing source of cooperative finance. That’s where the Cooperative Debentures Exchange (CDE) comes in.

The CDE is a forthcoming marketplace for listing, trading, and investing in co-op-issued debentures, enabling cooperatives to raise funds from institutional investors, development agencies, diaspora investors, and the general public. With backing from licensed trustees, transaction advisors, and transfer agents, the CDE will provide the infrastructure, compliance oversight, and investor confidence needed to fund projects like Cynara—at scale.

Cynara’s story demonstrates that:

• Viable co-op projects already exist; they’re not hypothetical.

• Demand for capital is strong, especially among women and youth-led initiatives.

• Returns on investment are tangible, with measurable outcomes like increased milk production, job creation, and improved rural livelihoods.

National Context: The Dairy Sector Needs More Support

Zimbabwe’s milk production has grown from 37 million litres in 2009 to 115 million litres in 2024, but the national demand sits at approximately 150 million litres per year. Bridging this gap requires more than grants or government support alone—it calls for a financial market that is tailored for cooperative enterprises.

The CDE offers such a solution. By enabling cooperatives to issue debentures that are secured and traded transparently, it will:

• Create a structured investment vehicle for co-ops that currently rely on unpredictable donor support or state subsidies.

• Provide liquidity and visibility for institutional investors looking to diversify into social-impact agriculture.

• Build wealth and equity among members of cooperatives by letting them participate directly in capital formation and returns.

Inclusive, Scalable, and Sustainable

The iMoved Project, which supports Cynara and 12 other dairy hubs across Zimbabwe with funding from the Embassy of Sweden via We Effect, plans to scale its financing model with partners like ZWMB. However, donor programmes are finite. A long-term financing solution like the CDE provides the missing link between community ambition and sustainable capital.

The young farmers at Cynara like Liberty Musunzuru—are proof that with the right tools, rural youth can become agribusiness leaders. “Finance was the major barrier for me to start my own dairy business,” he shared. “This heifer will increase my dairy herd to nine.”

With access to a liquid, transparent, and cooperative-owned financial market, many more young entrepreneurs like Liberty will gain the power to build capital, build business, and build Zimbabwe.

A Market for Money, A Movement for Empowerment

The CDE is more than a platform it’s a movement to channel capital where it matters most. It will reduce over-reliance on centralised bank credit and inject equity financing into the hands of organised, viable cooperatives like Cynara. It builds on the work of institutions like ZWMB and unlocks investment from across Zimbabwe and the African diaspora.

As government continues to support the cooperative model and as President Emmerson Mnangagwa’s call for rural empowerment gains momentum Cynara Dairy stands as proof that Zimbabwe’s cooperatives are not just community organisations. They are investment-grade businesses and with the CDE, the market can finally reflect their value.

Call to Action:
Investors, development partners, and the Zimbabwean public must rally behind the launch of the CDE. The future of Zimbabwe’s rural economy depends on giving its most resilient entrepreneurs our cooperatives the capital they need to thrive. Cynara Dairy has shown us the way. It’s time to fund the movement.