Women's Bank opens Tuesday

Women's Bank opens Tuesday
Published: 07 June 2018 (1403 Views)
The much-awaited women's bank is set to open next Tuesday after the Reserve Bank of Zimbabwe (RBZ) authorised its operations and issued it with a licence, a Cabinet minister said yesterday.

Women Affairs, Gender and Community Development Minister Sithembiso Nyoni said President Mnangagwa will officially launch the bank before the end of this month.

Addressing journalists in Harare yesterday, Minister Nyoni said the Zimbabwe Women Microfinance Bank's opening marks a breakthrough for the new dispensation and that the financial institution would be inclusive.

"The bank has been licensed and certified after meeting the minimum infrastructural and operational requirements for deposit taking microfinance business.

"It has taken a very long time for the bank to get to the stage where it is today and most of our anxious clientele were slowly giving up hope of ever enjoying the bridging services, which this unique institution is established to provide," said Minister Nyoni.


"The significant hindrance to women's potential to achieve their greatness has been financial exclusion, which the new dispensation has given priority to redress through the establishment of the Zimbabwe Women Micro-finance Bank," she said.

Minister Nyoni said the bank was wholly owned by Government, with a target clientele of marginalised women and would have its flagship branch at Trust Towers Building along Samora Machel and a branch network across the country.

Products to be offered by the bank include financing small-scale farmers, savings accounts for registered small businesses and group savings accounts.

"I wish to make it abundantly clear that in tandem with the national policy of financial inclusion and the Ministry's mandate of gender mainstreaming, the bank will avail its services to all Zimbabweans," said Minister Nyoni.

"I wish to inform the nation that my Ministry, together with the bank and key stakeholders, has begun preparing for the launch of the bank to be done this month."

Mooted some years ago, the bank has taken long to come to fruition due to various reasons, although Government allocated $10 million for its capitalisation in the 2018 national budget.

The bank is one of the measures put in place by Government to empower women by ensuring that they access money at concessionary rates.

The bank will use some of POSB branches dotted across the country to reach women in rural areas.

The Ministry already has a solid relationship with the POSB as it is the only bank that has branches throughout the country although some of them had been closed down.

The new bank will ensure that women across the country can access cheap loans.

Women have always complained of being marginalised when it comes to accessing loans for projects or failure to raise collateral.

- the herald

Tags: Bank, Women, Open,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Knox Mutizwa wins August Goal of the Month award

by kickoff | 05 November 2018 | 991 Views

BREAKING: Gandawa on the run

by Staff reporter | 05 November 2018 | 1919 Views

Econet cannot distribute Kwese TV content to Zimbabwean viewers

by Staff reporter | 05 November 2018 | 1452 Views

Shoot-out robbers arrested

by Staff reporter | 05 November 2018 | 1480 Views

Mnangagwa ally warns economic saboteurs

by Staff reporter | 05 November 2018 | 1421 Views

Chamisa mobilises supporters for mass protests

by Staff reporter | 05 November 2018 | 1223 Views

LISTEN: Acie Lumumba speaks on how he got paid

by Staff Reporter | 05 November 2018 | 1004 Views

Dzamara speak on Zanu-PF fights

by Mandla Ndlovu | 05 November 2018 | 969 Views

Minister Raj Modi Modi donates salary

by Mandla Ndlovu | 05 November 2018 | 827 Views

'I am a Trillionaire' Magaya says

by Mandla Ndlovu | 05 November 2018 | 1331 Views

Supermarkets to be blacklisted over cooking oil

by Mandla Ndlovu | 05 November 2018 | 800 Views

UK army to recruit from Commonwealth

by BBC | 05 November 2018 | 886 Views

Magaya opens up on arrest

by Mandla Ndlovu | 05 November 2018 | 893 Views

Kambarami is still 'Deputy Mayor'

by Mandla Ndlovu | 05 November 2018 | 738 Views

'Import ban must not go beyond December 21'

by Staff reporter | 05 November 2018 | 821 Views

Prophet Magaya puts fresh spin to arrest

by Staff reporter | 05 November 2018 | 847 Views

Chamisa's sign language interpreters get thumps up

by Staff reporter | 05 November 2018 | 834 Views

Mnangagwa to review Mthuli Ncube's 2% tax again

by Staff reporter | 05 November 2018 | 800 Views

Lumumba to be probed by ZAAC?

by Staff reporter | 05 November 2018 | 585 Views

Dzamara speak on ZANU PF fights

by Mandla Ndlovu | 05 November 2018 | 550 Views

Zimbabwe as a new gateway into Africa

by Minister of Finance Prof Mthuli Ncube | 05 November 2018 | 815 Views

Chiwenga's ex-wife looted millions

by Mandla Ndlovu | 05 November 2018 | 1201 Views

We are our own worst enemies

by Mapozho Saruchera | 05 November 2018 | 860 Views

Mnangagwa to deal with unexplained wealth and bank deposits

by Staff reporter | 05 November 2018 | 787 Views

WATCH: Chiwenga talks about Prophet Walter Magaya's lipstick

by Staff reporter | 05 November 2018 | 776 Views

Lumumba Saga takes new twist....War vets bay for Mutsvangwa's blood

by Mandla Ndlovu | 05 November 2018 | 842 Views

Chamisa demands Presidency

by Mandla Ndlovu | 05 November 2018 | 735 Views

Zimbabwean teachers miss out on New Zealand opportunity

by Staff Writer | 05 November 2018 | 679 Views

Zimbabwe to introduce e-provisional driver's exams

by Staff reporter | 05 November 2018 | 723 Views

Zimbabwe to supply water to South Africa

by Staff reporter | 05 November 2018 | 724 Views

Mnangagwa claims that 'good times will soon roll'

by Staff reporter | 05 November 2018 | 688 Views

Zimbabwe as a new gateway into Africa

by Hon. Prof Mthuli Ncube | 05 November 2018 | 807 Views

Chiyangwa appoint Karikoga Kaseke

by Staff reporter | 05 November 2018 | 689 Views

ZCTU demo: Ruling today

by Staff reporter | 05 November 2018 | 641 Views

Missing cop found dead

by Staff reporter | 05 November 2018 | 781 Views

Tagwirei marries long-time girlfriend

by Staff reporter | 05 November 2018 | 1218 Views

Zimbabwe relaxes maternity leave entitlement

by Staff reporter | 05 November 2018 | 747 Views

Zimbabwe to receive drugs, ambulances from India

by Staff reporter | 05 November 2018 | 667 Views