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Dumisani Nsingo, Senior Business Reporter
THE proposed Women’s Bank that will provide financial support to small and medium enterprises will be launched early next year, a Cabinet Minister has said.
Women and Youth Affairs Minister Sithembiso Nyoni said preparations for the opening of the women’s micro-finance bank to be housed in Post Office Savings Bank’s (POSB) unused banking halls was at an advanced stage.
“It’s (opening of the Women’s Bank) is at an advanced stage. I am only three weeks into the ministry, that’s one of the deliverables in the 100 days. It’s going to be launched within the 100 days. Every month if not every week we have to deliver something.
“According to President Mnangagwa we can’t spend a week without delivering something that impacts on the economy and the nation. So from January 15 (2018) we are going to be delivering something that impacts on the nation from my ministry,” said Minister Nyoni.
After being sworn in as the country’s Head of State, President Mnangagwa set a demanding 100-day target for his Cabinet Ministers to focus on improving service delivery and production, not just politics.
Minister Nyoni said the financial institution would be modelled into a Development Bank as part of the Government’s efforts to ensure the sustainability of the empowerment of women.
The ability to combine private and public resources in a constructive way that channels funds to activities to support key activities for development is essential for a financial system that serves sustainable development for all. Well-run development banks can play an important role in helping achieve that aim.
“This bank will benefit women because we want it to be a Development Bank. A Development Bank focuses on the person, not the money. Other banks focus on their money, not on the individuals that borrow. My instruction to this bank is focus on your clients.
“Why are you giving them? How are you giving them, towards what end, what product do you want to get out of the women at the end of the lending year, not how much money are you going to make at the end of the lending year,” said Minister Nyoni.
In Zimbabwe, like in many developing countries, empowering women through micro-credit finance is viewed as a means of reducing women’s poverty, empowering them, reducing their vulnerability and improving their well-being, especially in the rural areas.
Minister Nyoni said the Women’s Bank would empower and capacitate disadvantaged women by providing collateral free loans.
“Women are facing a lot of challenges in that financial institutions want collateral, bankable businesses or proposals . . . we want business proposals that are developmental and create sustainability for both the bank and person who is borrowing . . .
“Nobody really mentors them (women), follows them, encourages them; network them so this is going to be a bank with a difference. It is going to have packages for the woman, not just money for the woman,” said Minister Nyoni.-@DNsingo
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