Women's Bank opens Tuesday

Women's Bank opens Tuesday
Published: 07 June 2018 (1370 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

Man breaks leg, arm in suicide bid

by Staff reporter | 22 October 2018 | 82 Views

Chiwenga threatens Chiwenga

by ZimLive | 22 October 2018 | 140 Views

RBZ captured by black market forex dealers, says Lumumba

by Staff reporter | 22 October 2018 | 112 Views

Mthuli Ncube's 2% tax court challenge dismissed

by Staff reporter | 22 October 2018 | 74 Views

Soldiers robbed

by Staff reporter | 22 October 2018 | 95 Views

P0rn stars not fit to be employed in govt offices - Ruhanya

by Stephen Jakes | 22 October 2018 | 84 Views

Wadyajena blasts Modi, Mthuli for indicating right while turning left

by Stephen Jakes | 22 October 2018 | 104 Views

MDC hijacked by dictators - Mpofu

by Stephen Jakes | 22 October 2018 | 84 Views

Chamisa 'Pfee' in fuel queue

by Stephen Jakes | 22 October 2018 | 71 Views

Of prophets-cum-political activists

by Nicole Hondo | 22 October 2018 | 49 Views

Mthuli Ncube should prioritise MDC MPs, says Mliswa

by Staff reporter | 22 October 2018 | 67 Views

Zifa complicit in Dembare disgrace!

by Staff reporter | 22 October 2018 | 72 Views

Minister voices concern over Lumumba appointment

by Staff reporter | 22 October 2018 | 68 Views

Birds of a feather, Mthuli Ncube flock with Lumumba?

by Staff reporter | 22 October 2018 | 57 Views

Political lessons from the village

by Anthony Mkondo | 22 October 2018 | 55 Views

PHOTOS: Black market cooking oil dealer in kombi crash

by Simbarashe Sithole | 22 October 2018 | 361 Views

Zimbabwean 'Ninja' honoured in Italy

by Agencies | 22 October 2018 | 122 Views

Mnangagwa's patience with Mangudya wearing thin

by Staff reporter | 22 October 2018 | 255 Views

Zimbabwe 'soldiers' invade shops, impose own prices

by newzimbabwe | 22 October 2018 | 271 Views

My question to Finance Minister - I smell a rat!

by Isaac Nkomah | 22 October 2018 | 181 Views

United Methodist Church embarks on clean-up campaign in Mvurwi

by Simbarashe Sithole | 22 October 2018 | 96 Views

Why Mnangagwa doesn't have the answers

by Robert Rotberg, Harvard University | 22 October 2018 | 183 Views

Luxury cars for ex-Mugabe loyalists

by Staff reporter | 22 October 2018 | 161 Views

Mnangagwa's Cabinet: The skeletons are tumbling

by Tawanda Majoni | 22 October 2018 | 209 Views

Guruve vendors denounce local council

by Simbarashe Sithole | 22 October 2018 | 101 Views

Chiwenga goes down memory lane

by Staff reporter | 22 October 2018 | 157 Views

Army calls for 'ceasefire' in machete attacks

by Staff reporter | 22 October 2018 | 132 Views

Zanu-PF to crack whip on errant members

by Staff reporter | 22 October 2018 | 98 Views

Zanu-PF, MDC Alliance to square off again

by Staff reporter | 22 October 2018 | 129 Views

'Stolen $90,000 belonged to Sandra Ndebele'

by staff reporter | 22 October 2018 | 137 Views

Mthuli Ncube defends RBZ

by Staff reporter | 22 October 2018 | 146 Views

Zimbabwe fuel usage up 100%?

by Staff reporter | 22 October 2018 | 90 Views

Man arrested over gun salute for dad

by Staff reporter | 22 October 2018 | 124 Views

Hookers descend on Beitbridge

by Staff reporter | 22 October 2018 | 100 Views