Agribank expands empowerment loan base

THE Agricultural Bank of Zimbabwe (Agribank) has expanded on the financial inclusion under its $25 million facility targeting women and youth entrepreneurs across the country.

The bank recently unveiled a $15 million woman empowerment revolving funding facility under the Women Empowerment Fund that seeks to finance women-owned projects. An additional $10 million has been committed to capitalise the Empower Bank, a youth-aligned microfinance institution established to assist young entrepreneurs get financial assistance.

The $10 million revolving youth empowerment facility seeks to help unemployed youths start income generating projects.

In a statement, the bank said it was also targeting the unbanked population, particularly women and the youth as beneficiaries under the fund.

“Agribank is expanding on financial inclusion targeting the unbanked as well as women and youth through the Women and Youth Empowerment funds. This is an integral part of the bank’s youth and gender mainstreaming initiatives,” said Agribank.

Women and young entrepreneurs have expressed excitement over the funding schemes saying the move would go a long way in uplifting their businesses.

“This is a good move by Agribank in trying to empower us as women. We have a role to play in this economy and the expansion of this facility will enable us to access funds for our businesses to remain viable and contribute to country’s fiscus,” said a local entreprenuer, Miss Nonhlanhla Dewa.

“For us youths this is a big step forward for our empowerment. We know that most of the youths are not employed but under this facility it will make sure that we are counted amongst the people who contribute immensely to our economy.”—@Kiyaz_ Cool