Youths urged to access Empower Bank loans
YOUTHS should seize the opportunity provided by Empower Bank, a financial institution designed to facilitate easy access to loans with minimal collateral requirements, Youth, Empowerment, Development and Vocational Training Minister, Honourable Tino Machakaire has said.
In a speech read on his behalf by his deputy, Honourable Kuda Mupamhanga during the launch of Manicaland Housing Project in Chipinge last Friday, Minister Machakaire said young people will be empowered by leveraging the services offered by the bank.
He said this will unlock their potential and contribute to their personal growth as well as the socio-economic development of their communities.
“Government made the initiative possible so that it empowers youths by providing them with the financial resources they need to pursue various endeavours, such as starting businesses, furthering their education, or investing in housing projects like this one. As in this case, as Government, we are encouraging you to take advantage of these loans and contribute towards the servicing of your residential stands and construction of houses,” he said.
The event saw the allocation of residential stands to Chipinge youths at Ratviel Farm. The beneficiaries are part of the Manicaland Housing Project.
The project initially allocated 45 residential stands on the day, with plans to benefit 3 600 youths across the district.
Although beneficiaries were required to pay US$260 for title survey funds to the local authority, many faced financial constraints and feared fraudulent activities by land barons, prompting Minister Machakaire to advise them to engage Empower Bank.
Minister Machakaire commended Zanu PF Manicaland Youth League for spearheading the housing project, emphasizing the importance of empowering young people in line with the national agenda.
Minister Machakaire emphasized that the initiative aims to provide decent accommodation for youths, reducing their reliance on monthly rentals and promoting ownership.
“This project aligns with President Mnangagwa’s vision and National Development Strategy 1 (NDS1). The Ministry of Youth, Empowerment, Development and Vocational Training supports the project which we intend to expand to other provinces, ensuring nationwide accessibility to affordable housing. We encourage you to leverage on loans from Empower Bank and construct your houses and buildings on minimal collateral so that you develop the land that you have been allocated here today,” he said.
In an interview, Empower Bank’s chief executive officer, Mr Shadreck Mhembere said accessing from the bank will enable youths to overcome financial barriers that hinder their progress and success.
“Our bank represents a valuable resource for youths seeking to achieve their goals and
aspirations, and its utilisation is strongly encouraged as a means of fostering entrepreneurship, innovation, and economic empowerment among youths in Chipinge and beyond.
“The financial institution supports economic development of every young person and all you have to do is engage us. We have loan offers with low interest rates and flexible repayment terms, without requiring a lot of collateral or paperwork, which is evident enough that this is the bank for our youths. We are open to all youths who have viable projects or ideas and are willing to work hard to achieve their goals, making it a great opportunity for Chipinge youths to access funding and support for the housing project,” he said.
Also in an interview, youth quota Member of Parliament, Honourable Stanley Sakupwanya, expressed satisfaction with the project’s progress and pledged to extend it to other districts in the province.
He encouraged youths to pay up their dues needed for land development, and suggested that those who are struggling financially should engage Empower Bank
for financial assistance.
He said: “We want you to succeed in your ventures, but you also need to honour your commitments by paying up the loans. Empower Bank is there to assist you with loans and grants, so do not hesitate to approach them if you need support.”
Beneficiaries lauded Government for providing a bank that offers cheap loans that require minimal collateral.
They also hailed Honourable Sakupwanya for his efforts in making sure that the project succeeds after years of setbacks.
A beneficiary, Ms Evidence Mutema applauded Government for providing them with a sense of security and homeownership, through the allocation of residential stands as well as the provision of cheap and accessible loans to finance the construction of the houses.
She said: “This is a dream come true for me and my family. We have been staying in rented accommodation for years. We now have a place we can call our own, thanks to Government’s generous and affordable loans and land allocation. We feel more secure and confident about our future.”