Women’s bank disburses $12m

Precious Masakara and Belindah Mutayiwa

THE Zimbabwe Women’s Microfinance Bank (ZWMB) has disbursed more than $12 million to over 34 000 clients since it opened doors to the public last year, an official has said.

The deposit-taking microfinance business was created to promote women’s participation in the mainstream economy.

ZWMB head of marketing and public relations, Mrs Babra Muyengwa said the bank is providing access to affordable and innovative women-centred financial products and services.

“The bank is offering various types of loans to its clients, with at least 64 000 accounts having been opened so far. Although the bank is performing well as the products being offered address the unique needs of the targeted customers, the bank is currently facing some challenges.

”The hyperinflationary environment necessitates the review of charges from time to time,” said Mrs Muyengwa.

Some of the bank loans disbursed have helped women who are adding value to agricultural products such as sorghum, sunflower, potato, sesame and cotton.

Caster bean farmers and livestock producers have also benefitted.

Further, ZWMB is extending targeted resources for micro-farming and enterprises targeting female farmers in the rural areas, vendors, flea-market traders, grinding mill operators and cross-border traders.

The bank also offers salary-based loans.

Mrs Muyengwa said some non-financial products are also supporting women.

“The non-financial services range from social intermediation, which is meant to build social capital and basic skills within the community, financial education, group capacity-building efforts and providing information on available financial services.”

Mrs Olivia Mutikani (58), who has been helped by the bank to establish a detergents business, said reasonably priced financial support can change lives.