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Herald Correspondent
ECOBANK Zimbabwe scooped the coveted Global Financial Inclusion award for 2023, at the Banker Magazine’s Bank of the year Awards held in the United Kingdom (UK) last week.
The Bank of the Year Awards focused on rewarding and promoting excellence in the banking community.
The criteria assessment also included banks’ abilities to deliver returns, gain strategic advantage and serve their markets.
For the Financial Inclusion Award, they assessed banks globally – across both industrialised and developing economies – on how they address the challenge of including the poorest members of society in the financial system.
They also took account of how the banks serving this segment perform a social function and their ability to potentially transform these customers into the high-margin customers of the future.
The awards also sought to award banks that put immense effort into transforming lives of the neglected segments of society (women and youth) into high margin customers in the future.
Locally the bank has been spearheading financial inclusion initiatives and the Buhera Financial Inclusion for Improved Women’s Agency (FIIWA) project stands out.
The joint programme between Ecobank Zimbabwe, CARE Zimbabwe, and UN Women provides financial inclusion and revolving loans to Zimbabwean women village associations engaged in diversified entrepreneurial schemes from agriculture to retail.
The project provides a revolving fund to help rural women without access to capital or finance allowing them to venture into the projects of their choice.
The initiative enables women to open their first bank accounts and embark on income-generating activities to support their families.
The bank also commissioned the Single Market Trade Hub in a bid to assist and ensure a flawless flow of transactions for commercial banking and corporate banking customers who had intentions to pursue trade opportunities across the Ecobank network in Africa.
Ecobank Southern African Development Community (SADC) Cluster Head and managing director Zimbabwe, Mr Moses Kurenjekwa said the award exemplifies the bank’s unwavering commitment to expanding access to financial services for all Zimbabweans.
He said the bank is dedicated to fostering economic empowerment and development within the region.
“We are delighted to win this global award for our innovative partnership with CARE Zimbabwe and UN Women by promoting financial inclusion among Zimbabwe’s rural women.
Ecobank Zimbabwe provides them with financial and logistical support, combined with training, project monitoring, and evaluation done by Care Zimbabwe and UN Women.
“We have created a financial ecosystem whereby producers, buyers, and suppliers have been brought together, with all of them using our digital channels for their transactions,” said Mr Kurenjekwa.
Locally, Ecobank has been championing the financial inclusion drive, particularly for women under the FIIWA initiative.
The initiative has immensely assisted in the improvement of women’s capacity to execute their enterprising spirit which is critical for progressing gender equality, equity, and the empowerment of women as enshrined in the United Nation’s SDGs.
In this approach, Village Savings and Loans Associations (VSLAs) borrow an average of US$700 that is repaid within six months with 10 percent interest.
The project serves women’s savings groups, comprising an average of 15 members each.
Each group accesses US$700 for expanding their business ventures after a series of training including co-creation, entrepreneurship development training, and group governance and strategic planning.
The repaid amount is given to the next savings group, maximizing program reach and impact and positively impacting households’ resilience to disasters.
Besides contributing to ownership and sustainability, financial resources accruing from the 10 percent interest charges will be used to support monitoring activities from month 8 onwards.
Weighing in on the award, Care International in Zimbabwe (CIZ) Country Director, Patrick Sikana said Ecobank’s incredible support serves as a testament to the unwavering commitment to bridging existing gaps and reaching out to more vulnerable women while transforming their circumstances.
“CARE takes great pride in being associated with Ecobank. Our collaboration with Ecobank is deeply rooted in our shared dedication to promoting Gender Equality and advancing women’s economic empowerment.
“Through our joint efforts in the Financial Inclusion for Improved Women’s Agency project in Buhera, we have provided valuable support to various women in the Village Savings and Loans Association groups, enabling them to access loans from the Revolving Fund established with the generous contribution from Ecobank Zimbabwe,” said Mr Sikana.
He said strides were also being made towards women’s financial inclusion in areas like Gwanda, in Matabeleland South, where CARE is supporting hundreds of women through the Ecobank revolving fund.
Under the programme Ecobank will support the women’s groups to open savings bank accounts, without the need for them to travel longer distances.
Ecobank Zimbabwe Limited was established on 27 April 2011, and operates in 35 African countries.
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