Women's Bank to receive licence

HARARE - Zimbabwe’s first Women’s Bank will soon receive its full Zimbabwean banking licence, following earlier approval by the central bank, the Women Affairs, Gender and Community Development minister Nyasha Chikwinya has said.

The Harare-based start-up, which has been on the cards since 2010, is earmarked to provide funding for various women’s projects.

“We will be issued with the licence for the bank in the next two weeks and the president has set aside $10 million as start-up capital for the bank. We are now waiting for the paperwork so that investors can come on board. There is a lot of buy-in as people want to see it succeed,” Chikwinya said at a press conference to mark the start 16 days of activism against gender-based violence yesterday.

She said the PTA Bank and Africa Development Bank have also expressed their interest in investing in the Women’s Bank.

The bank would empower women to be more financially independent from men, which would in turn reduce vulnerability to domestic abuse, she said.

“Every bank based in Zimbabwe should have a women’s desk where they can set aside loans for women. However, before such loans can be disbursed, women need to undertake comprehensive training on business and finance to change their mindset. We do not want a situation where women get loans and end up wasting the money on clothes instead of income generating projects,” she said.

Initially, the then minister Olivia Muchena had in 2010 announced that the bank was to start operations in 2011 as a commercial bank.

Reserve Bank of Zimbabwe minimum capital thresholds for financial institutions in the country dictates tier   institutions be capitalised to the tune of $100 million, the institution will have to be downgraded to a microfinance institution.

Comments (2)

That officials from Zanu PF are involved in the fight against gender-based violence is a joke. Their party forments rampant violence and murder at every opportunity....and that these thieves want to start a bank, well I won't say much.

Sharia - 25 November 2016

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yencontis - 28 November 2016

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