Women's Bank to start operations on June 12

HARARE - The Zimbabwe Women Micro-Finance Bank (ZMWF) will commence banking operations on June 12, Women Affairs minister Sithembiso Nyoni said yesterday.

Nyoni said the bank — which is wholly owned by government — had been licensed by the Reserve Bank of Zimbabwe and will be headquartered in Harare.

The bank, which opened its doors last week, will provide financial assistance to women and men of all sectors.

“Women particularly the marginalised ones are the primary target for the bank. The bank will open accounts for low deposits, avail services in remote areas and
capacitate women to sustainably run their own enterprise.

“The products are tailor-made to address specific needs, be they savings or loans,” she said.

Nyoni said the bank will also complement other women empowerment facilities such as Zimbabwe Community Development Fund and the Women Cross-Border Fund.

The Gender minister added that the bank will, however, not avail mortgages but will work with other banks to assist women in that regard.

She said material collateral would not necessarily be needed in the event that women join the bank as a club.

She also emphasised that if there is a problem, women can also use their movable items such as fridges and television sets as collateral for loans.


 

Comments (2)

the government of zimbabwe must stop the black market where you see dollars sold at bus terminus while banks have no cash government officials are involved the draw large amount to sell in black market this must be stopped

dave - 7 June 2018

Why set up a women's bank that must serve both women and men. What's in a name? Damn, vatadzi soo, ma1!

El Nino - 9 June 2018

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