Zim scores a first, launches women’s bank

HISTORY was made yesterday when the Zimbabwe Women’s Microfinance Bank (ZWMB) was unveiled, becoming the first bank in Southern Africa dedicated solely to transform and economically empower women.

BY KUDZAI MUCHENJEKWA

The bank was launched by President Emmerson Mnangagwa.

In his remarks at the launch, Mnangagwa said women should take advantage of the bank which “is bound to economically empower and transform the lives of the majority of our women who have over the years been marginalised”.

The bank was created by the ministry of Women Affairs, Gender and Community Development in order to alleviate poverty and give women access to financial services especially those in remote areas.

Mnangagwa implored the bank to desist from scaring away depositors with outrageous charges.

“The new bank will, therefore, seek to champion women’s financial inclusion through availing affordable funding options to start their own enterprises, as established bank like this one I exalt all financial players to make numerous efforts to restore the depositors confidents,” Mnangagwa said.

The bank was capitalised to the tune of $10 million by government.

Vice-President Constantino Chiwenga said Mnangagwa had since realised that the capital allocated to ZWMB was not enough, adding that more would be injected into the bank.

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2 Comments

  1. Only-in-Zimbabwe

    How will this bank help improve anything, really? Next we will have a bank for the yhuthies. Next one for the oh’vets…..

  2. The idea is to make funding more affordable to women. This microfinance bank while addressing collateral issues, does not address high cost of money. At 10% per month, that is very expensive. Through banks challenge is collateral but interest at 10% per year is more affordable.

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