Zimbabwe Women’s Micro Finance Bank Opened

by Paidamoyo Mutsvairo

President Emmerson Dambudzo Mnangagwa yesterday, officially opened the Women’s Micro Finance Bank at Harare International Conference Centre (HICC).

President Mnangagwa said setting up of the Women’s Micro Finance Bank is significant as it is the first of its kind in the SADC region.

Presiding over the launch of the women’s bank, the President said, “the new bank will therefore, seek to champion womens’ financial inclusion through availing affordable funding options to start their own enterprises.

“As we establish banks like this one, I exhort all players in the financial service sector to make numerous efforts to restore depositors’ confidence as well as develop and offer packages that are in sync with the type of business and personal needs of our society.”

President Mnangagwa also urged all the women who will be contracted to work as agents to be honest, and to desist from corrupt tendencies.

He said, “The bank will unveil a banking model which will send agencies to the people in areas where the bank is not present, and I urge the agencies to be honest and reliable and desist from acts that will tarnish the image of women.” 

However, President Mnangagwa showed dismay over the money that was given to the bank which he said was very low and called upon the RBZ Governor to look at the issue.

Speaking during the same occasion, Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Mangudya said as the central bank, they expected the bank to empower women, provide access to finance and increase investment human capital.

 Minister of Women and Youth Affairs, Sithembiso Nyoni said opening of the bank was part of the objective that her ministry achieved in the 100 days.

She said, “In your drive for us to hit the ground running, after the new dispensation, to produce concrete results not paper work, my Ministry put this bank as part of the 100 days achievement.”

Minister Nyoni also highlighted that the bank would aid in social loans for education, health, among others and will create forward and backward linkages between women already in the business and those starting up.

Addressing the same occasion, Vice President (Retired) General Contastino Chiwenga encouraged all women to open bank accounts with the women’s bank, so as to enjoy the financial benefits provided by the financial institution.

The event was attended by senior Government officials including, Minister of State for Harare Province, Miriam Chikukwa and Women in businesses from various provinces.