ZWMB disburses $3,6m to support women projects
THE Zimbabwe Women Micro-Finance Bank has so far disbursed about $3,6 million in loans to support various projects by women as the financial institution gradually makes moves in the country’s banking sector.
The financial institution founded last year by President Mnangagwa’s administration with an initial capital base of $10 million seeks to bring access to banking services to previously marginalised communities, particularly rural women.
Responding to questions from the floor during First Lady Amai Auxillia Mnangagwa’s one-day interface conference with Chiefs’ wives from Masvingo and Manicaland provinces, Zimbabwe Women Micro-Finance Bank head of marketing and public relations Ms Barbara Muyengwa said about 7 500 women have accessed loans from the financial institution since its opening.
Ms Muyengwa said the opening of the financial institution was a milestone in the ongoing drive to empower women, particularly in rural areas.
She exhorted them to open accounts with the bank to access loans for various income-generating projects.
‘‘There was talk about plans to open a bank for women in the country for a very long time but in 2018 Government finally opened the bank and there is every reason for us as women in this country to be happy about this development,’’ she said.
‘‘As women, let us look around us and see what we can do for ourselves, for our families, for our communities and our country Zimbabwe as a whole. This country is our own country and I challenge you to start working so that we improve our lives and those of communities where we live in.’’
Ms Muyengwa said scores of women around the country have already started working on life-changing projects after getting loans from the Women Micro-Finance Bank.
She urged women to form groups for them to easily access loans in the face of challenges to provide collateral.
‘’This bank is for you and me, why should it be a challenge for you as women to start your own projects and make money to buy and drive your own cars?’’ she asked to applause from the floor.
The Women Micro-Finance Bank official said it was incumbent upon women to harness their individual talents and start business that dovetail with their personal competencies.
‘‘Some women are good at handicraft, others at can even do poultry, let us not sit on our talents we can change our lives if we join hands and work together to build our nation.’’
Ms Muyengwa also said women farmers had the potential to make between US$1 000-US$3 000 every four months through caster bean production which has a lucrative export market.
The birth of the Zimbabwe Women’s Micro-Finance Bank is one of the success stories of the Second Republic led by President Mnangagwa with the establishment of the financial institution billed to precipitate increased participation by women in the economy contributing to the overall growth of the country’s Gross Domestic Product as Zimbabwe angles to attain Upper Middle Income status by 2030.