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Sydney Kawadza Mashonaland West Bureau Chief
Minister of State for Mashonaland West Provincial Affairs Mary Mliswa-Chikoka on Monday launched the Empower Bank in Chinhoyi, calling for the inclusion of all youths in Government programmes.
The provincial launch precedes district launches across Mashonaland West, with officials from the Empower Bank expected to visit Kariba (Nyaminyami), Hurungwe, Zvimba, Sanyati/Mhondoro-Ngezi and Chegutu in the coming week.
President Mnangagwa launched the Empower Bank on July 5 last year with an objective to empower youths through funding for those who need money to start their businesses including some that are already running them.
According to Empower Bank customer service officer Mr Lawrence Chaleka, the bank targets youths below the age of 35 who would take up 70 percent of the loans from the financial institution.
The remaining 30 percent, he told the youths at the provincial launch, would be targeted at Zimbabweans below the age of 65 years.
The Empower Bank is regulated by the Reserve Bank of Zimbabwe as a deposit taking microfinance institution that issues loans under the Ministry of Youth, Sport, Arts and Recreation.
In her address, Minister Mliswa-Chikoka pledged to follow up on issues raised by youths in accessing the loans, while getting monthly updates from officials on the programmes.
“Leave no youth behind because in the rural areas there are some with skills and are into agriculture but cannot travel to Chinhoyi,” she said. “You must go out there and empower them so that they see what efforts Government is making to include them in all the programmes.”
The Empower Bank, she said, was a critical project in Mashonaland West.
“The Government, under the new dispensation, has funded the Empower Bank to the tune of $12.5m to enable all deserving young entrepreneurs to access loans at concessionary rates,” said Minister Mliswa-Chikoka.
“The other objective of the bank is that of the financial inclusion of the youth as a marginalized group.”
Minister Mliswa-Chikoka said youths always complain of being sidelined hence President Mnangagwa saw it fit to work while empowering them through the bank.
“This simply means under banked and unbanked monies in possession of the youths should be deposited into banks to rejuvenate the operations of the banking sector,” she said, calling all youths to embrace a culture of saving to enable banks to play their financial intermediate role.
“It is my expectation that this time around the loan facility will grow and revolve,” said Minister Mliswa-Chikoka. “This is a programme for the youth, the bank is for youth, its survival and its demise rests with the youths. Think of your colleagues who can benefit from the bank, when you receive a loan you should pay back.”
Minister Mliswa-Chikoka urged youths in Mashonaland West to protect the province’s reputation faithful, honest and sincere business projects.
She said the bank provided youths with an opportunity to contribute to the economic development of the country.
The Empower Bank offers the EmpowerSave, a savings account with monthly service fees and a minimum balance of $5, the MyGraftSave for small-to-medium enterprises and Chikwata aimed at formal and informal groups saving money for their products.
Online Reporter