Minister Coventry officially opens Empower Bank

Business Reporter 

YOUTH, Sports, Arts and Recreation Minister Kirsty Coventry has commended the Empower Bank for opening a branch in the Matabeleland region, saying it clearly demonstrates the bank’s commitment to be a partner in youth empowerment, development and financial inclusion of all corners of Zimbabwe. 

She said this when she officially opened the Bulawayo Empower Bank branch last month. Below is a full speech of the minister: 

It is an honour that I have been invited to be a part of this momentous occasion to mark the official opening of the Bulawayo Branch for Empower Bank Limited. 

In 2018 His Excellence the President of the Republic of Zimbabwe, officiated at the official launch of the Bank in Harare and five months down the line, we are already opening another branch in Bulawayo. 

I would like to refer to Sections 14 and 20 of the Constitution of Zimbabwe which directs Government and all its agencies to empower youth and other disadvantaged groups through deliberate affirmative action. 

We as the Ministry of Youth, an evaluation of the Youth Development and Employment Creation Fund (YDECF) and other youth empowerment facilities was undertaken in 2016. 

The evaluation recommended that a special financial service facility be set up to provide access to funding for youth. 

We are proud that Empower Bank was established in response to this recommendation through the Youth Development and Employment Creation Fund that invested a total amount of US$12,5 million with the support of the Ministry of Finance and Economic Development. 

The bank has a mandate of designing and offering financial services and products tailor-made to the unique needs of our young entrepreneurs and other Zimbabweans. 

Therefore, in order to cater for both youths and other Zimbabweans, 70 percent of the loan book will be reserved for financing youth enterprises whilst the remaining 30 percent will go towards supporting other Zimbabweans in order to attract deposits from the general public to grow the institution. 

The bank is therefore here to address one of the major obstacles for youth economic participation, limited access to capital so that youths achieve effective economic participation. 

The opening of Bulawayo branch should therefore continue to culminate in the unlocking of economic empowerment opportunities for the youths in the province. 

I hasten to add, however, that the benefits of this investment to the people of Matabeleland will only be realised when youths receive the standard and financial services to which they are entitled. 

While it is appreciated that the cost of providing banking facilities and infrastructure in a vast but sparsely populated country such as ours can be significant, it is important that the charges should be seen to be commensurate with the products and affordable to the targeted market. 

Striking a satisfactory balance between business continuity of the bank on the one hand and the provision of good banking and lending service for the empowerment of youth in all sectors of the community on the other hand, is a challenge which the bank can resolve. 

I have spoken at length about Empower Bank and the ministry’s commitment to youth in general. 

I wish to direct a few remarks to the youths of Bulawayo and those of the neighbouring areas who will no doubt have access to the facilities provided by this branch of Empower Bank. 

Youths, this is your bank and I urge you to make use of it. 

I will ensure that the bank through its board will continuously improve its working model to meet your ever changing complex requirements given the changes in technology and the environment that we operate in to bring modern banking facilities to your doorstep for your empowerment so that you can contribute meaningfully to the Presidents vision of building a middle income economy by 2030, and to improve livelihoods. 

Use the bank to your maximum benefit. 

Pay back your loans, put your hard-earned money in the bank’s safe custody and earn a good rate of return so that the value of your money can increase. 

At a broader level, paying back your loans and putting money in savings accounts contributes to the development of the economy as the banks will continue to have a pool of funds from which to lend to other people or businesses for capacity building purposes, and this will create employment opportunities for Zimbabweans. 

Youthselsewhereinthecountrytrustthatthis and other related facilities would be extended to their localities by Empower Bank as a plan for branch network covering all the country’s 10 provinces is underway added to a robust IT infrastructure to support full digitalisation of the bank’s processes, as the bank has a central role to play in integrating the previously unbanked and disadvantaged segment of our society into the mainstream economy. 

As highlighted by President ED Mnangagwa on the official opening of the bank, the success of Empower Bank will be measured in terms of the quantum of economic value created by young people. 

I urge all youth to responsibly utilise the facility to ensure that the country fulfils the economic dividend rooted there in and once again repay loans timeously. 

I applaud the board, management and staff of Empower Bank for the tireless efforts towards availing convenient banking facilities and their commitment to serve the people of Matabeleland region and meeting their objective as highlighted by the board chairman when the bank was opened. 

It is with pleasure that I declare this magnificent and impressive Bulawayo Empower Bank Branch officially opened.