adminRunesu Gwidi Herald Correspondent
Most women in Masvingo have applauded Government’s plan to launch the Women Empowerment Bank, which is largely expected to transform the lives of thousands of women in both rural and urban areas.
The Women Empowerment Bank, they said, will create new opportunities for budding female entrepreneurs who face a myriad of challenges to access loans for their business ventures. Mr Kingston Shawarira, who is a loans officer at the planned bank, told participants at a workshop held at Mushagashe Training Centre near Masvingo city last week that the mulled bank will revolutionaries the lives of women in the country.
The workshop was organised by the Ministry of Women and Youth Affairs. He said the bank will empower Zimbabwean women socially and economically through capital injections for development projects.
“The Government has resolved that 60 percent of the loans from the bank would go to rural and peri-urban women projects, while 40 percent would be channelled to other loan-seekers capable of meeting stipulated collateral security requirements,” said Mr Shawarira.
“We were also permitted by the Government to outsource capital from other investors. Unlike other fly-by-night financial institutions you witnessed in the past, the bank’s sustainability is not questionable.’’
It is believed that the specialised lender will help enterprising women through offering project loans at affordable rates. The bank’s representative later on addressed over 50 Masvingo women involved in cross-border trade during a meeting organised by the Organisation of Collective Cooperatives in Zimbabwe.
Mr Shawarira told women at the meeting, which was also attended by representatives from ZimTrade and Zimra, that cooperative societies run by women would be eligible to access loans at concessionary interests rates from the new lender.
However, such cooperatives would only be able to access the loans on condition they undergo registration and open group savings accounts. Finer details regarding the exact charges and interest rates, he said, will be disclosed after the bank’s launch.
“In addition to that, the vetting criteria for getting the loans requires them to have a good traceable loan repayment culture approved by the parent ministry,” said Mr Shawarira. “Our bank charges will be relatively lower. But take note that we will not give you consumptive loans.
“Our mission is to revive the economy through capital projects and financial inclusion of the rural folk.”
Mr Shawarira said Reserve Bank of Zimbabwe technocrats would be assisting in the smooth running of the financial institution. It is believed that most women in Masvingo were likely to benefit from project financing targeting dairy, horticulture and cattle-fattening ventures.
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