Women-led businesses receive US$400 000 loans

Sunday Mail Reporter

OVER 2 000 women-led businesses have benefited from a share of loans valued at more than US$400 000 that have been disbursed since 2020 by the Zimbabwe Women’s Microfinance Bank (ZWMB) to capacitate small businesses .

“From 2020 to date, the bank has released US$440 000 to fund 2 149 women,” ZWMB chief executive officer Dr Mandas Marikanda told The Sunday Mail.

“We were capacitating women in projects such as mining; tailoring; poultry; farming, including sugar bean production; bakeries, detergent making and salons.

“We recently unveiled a new product, the Nzwisa/Taste, where women access small loans in United States dollars, pay back, create a track record and get bigger loans.

“The loans of between US$10 and US$100 are payable over a week or month.

“We are also giving loans to pensioners.”

Dr Marikanda said the financial institution was implementing other strategies to empower women.

“The bank is expecting to fund a minimum of 15 650 projects this year.

“We are training women in order to equip them with basic financial literacy skills.

“This training also extends to key areas around the ability to work together in groups for a common goal,” she said.

“We are assisting women in mechanising their operations through asset financing, where we purchase productive assets which are leased to women in productive sectors such as agriculture, mining and manufacturing.”

Beneficiaries of the initiative, she said, pay for the assets using revenue generated from using the machines.

“The bank has also assisted women to start businesses, mostly in the poultry and detergent making areas.

“Clients interested in venturing into detergent manufacturing would be referred to training partners like the Ministry of Women Affairs, who will train them.

“After training, the bank provides them with start-up kits to allow them to commence production.

“These start-up kits would be paid for at the end of the grace period, in monthly instalments.”

She called for enhanced women’s involvement in the productive sectors of the economy.

While there was a notable rise in women’s participation in business, “there is still room for improvement”, she said.

“The bank would like to improve the levels of women’s involvement in business through training and nurturing them.

“We also assist in linking them to markets where possible.”