6 June 2018

Zimbabwe: Women's Bank Finally Commences Operations

Photo: The Herald
Harare city CBD.

The Reserve Bank of Zimbabwe has authorized the operation of the Zimbabwe Women Microfinance Bank Limited under the Ministry of Women's Affairs, Gender and Community Development.

Addressing various stakeholders today in Harare, Women Affairs Minister Sithembiso Nyoni announced the commencement of the bank's operations with effect from the 29th of May 2018.

"It is with a great sense of honour, gratitude and exhilaration that I announce to the nation that finally the Reserve Bank of Zimbabwe has authorized the Zimbabwe Women MicroFinance Bank Limited to commence operations with effect from the 29th of May 2018,

"The bank has been licensed and certified as meeting the minimum infrastructural and operational requirements for deposit-taking microfinance business, it has taken a very long time for the bank to get to the stage where it is today because we wanted it to be unique," said Nyoni.

The women's bank is the first of its kind in Southern Africa and will cater for every woman including those in the rural areas, who, the Minster revealed, are the primary target.

The bank will open accounts for low deposits, avail services in the remote areas and capacitate women to sustainably run their own enterprises.

Official Commencement of banking transactions is the 12th of June 2018.

Meanwhile, the bank has opened the doors for its flagship branch at Trust Towers Building and the public will be advised on other available branches and networks in due course.

Speaking on the sidelines, the bank's Chief Executive Officer Mandas Makarinda expressed gratitude and happiness towards the commencement of the bank's operations saying women have been strengthened to continue with the work they are already doing.

"We are happy and celebrating the launch of the MicroFinance Women's bank, women have been graced with an opportunity to strengthen and continue with the work they were already doing with their hands,

"This bank will assist those that had been left out, it's there solve all financial issues including literacy," said Makiranda.

In line with the national policy of financial inclusion and the ministry's mandate of gender mainstreaming, the bank will avail its services to all Zimbabweans.

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