Andrew
Tanyaradzwa Rusike
MORE than 10 000 jobs have been created from about 6 000 projects that received funding from the Zimbabwe Women Microfinance Bank (ZWMB) since the start of the year, The Sunday Mail has established.
ZWMB, the only women’s bank in Southern Africa, provides financial support to ladies to enable them pursue sustainable income-generating projects.
In the first six months of 2022, the bank has disbursed more than $200 million to fund the 6 000 ventures.
ZWMB chief executive officer Dr Mandas Marikanda told The Sunday Mail that multiple women-led projects have flourished-particularly in agriculture, manufacturing and trade-from funds provided by the bank.
“Since January, the bank has funded more than 6 000 projects in all 10 provinces creating more than 10 000 jobs just this year. The bank released more than ZW$200 million to fund the different projects.
“ZWMB has granted loans to women in all productive sectors with both numbers and values being skewed towards agriculture, manufacturing and trade and services where women’s participation is high,” she said on Friday.
“Deliberate efforts are being done to support women in production-related sectors such as manufacturing, construction and property, energy and minerals, as well as transport and distribution.”
Dr Marikanda said the bank is mobilising foreign currency to meet clients’ demand to get loans in US dollars.
“This is a product of high demand that has attracted more women to the bank. One area of focus on disbursing USD loans is through asset loans, where the bank procures an asset on behalf of women to support production-related projects. This can be in the form of peanut butter-making machines, grinding mills, ball mills and hammer mills, among others,” she said.
A major stumbling block for debtors in Zimbabwe has been collateral, as banks make strict demands that many fail to meet.
To counter this challenge, ZWMB has developed a flexible policy in accepting security provided by women.
Dr Marikanda added that security in the event of default is a basic banking requirement.
“The Women’s Bank has made sure it accepts alternative collateral that women have.
“ZWMB through its experience in working with women in rural, peri-urban and urban communities is using the community-based approach.
“This includes women in self-selecting and self-forming community groups such as Solidarity Groups, Internal Savings and Lending Schemes (ISALS), Savings and Internal Lending Communities (SILC) who are doing the same or different projects have been able to access finance using the social security (co-guaranteeing) as a fall-back position.”
She also noted that in cases where women do not belong to any existing grouping or are not interested in groups, economic empowerment initiatives are offered to them as individuals with collateral substitutes considered, such as guarantors, and household or livestock assets.
Women Affairs, Community, Small and Medium Enterprise Development Deputy Minister Jennifer Mhlanga lauded ZWMB for empowering women, saying this enhances their participation in economic development.
Online Reporter