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Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) has licensed and authorised the Women’s Microfinance Bank to conduct deposit-taking microfinance business.
In a statement, the Central Bank said the licensing and authorisation was in line with the Microfinance Act (Chapter 24:29).
“It is hereby notified that Zimbabwe’s Women’s Microfinance Bank Limited has been licensed and authorised to conduct deposit taking microfinance business with effect from May 29, 2018,” said RBZ.
The much awaited Women’s Bank, which is expected to be opened soon, was mooted many years ago.
In the 2018 national budget, the Government allocated $10 million towards the recapitalisation of the micro-finance bank. Of the $10 million allocated to the bank, $5 million was for administrative expenses while the balance was for ICT systems and other costs.
The bank is meant to empower women by ensuring they access money at concessionary rates.
It is hoped that as it opens to the public, the banking institution will use some of People’s Own Savings Bank (POSB) branches dotted across Zimbabwe to reach out to women in rural areas.
Already, Government has a solid relationship with POSB as it is the only bank that has branches throughout the country but some of them had been closed.
Online Reporter