Sundaymail Editor
Tanyaradzwa Rusike
The Zimbabwe Women’s Microfinance Bank (ZWMB) disbursed loans valued at more than $500 million to finance women-led businesses this year, creating about 13 000 jobs, The Sunday Mail has learnt.
The bank, which is the only financial institution in Southern Africa set up specifically to provide financial support to women businesses, also released United States dollar loans to fund 39 projects.
In an interview, ZWMB chief executive Dr Mandas Marikanda said the bank plans to issue more US dollar loans in response to its customers’ needs.
“As of November 30, 2022, the bank released $508 million to fund 8 162 projects with 11 740 clients.
“The bank has financed projects in all the 10 provinces of Zimbabwe.
“It has also managed to create 12 830 and sustained 17 196 jobs this year,” she said.
The bank, said Dr Marikanda, has created joint liability groups loans that allow women without collateral to access loans.
“These groups co-guarantee each other for the purpose of accessing loans,” she added.
“The bank has flexible collateral terms; it accepts security based on what the client has on hand like livestock and household assets.
“As part of efforts to address defaulters, we have come up with measures such as regular monitoring, refinancing, rescheduling, demand letters, blacklisting and legal action against those who fail to repay.”
The bulk of the loans, she said, were invested in the procurement of assets such as incubators, solar panels, peanut butter-making machines and sewing machines.
Dr Marikanda called on more women to actively participate in job creation in order to contribute to economic growth.
“All women have a right to access financial services.
“Relationship with the bank starts with opening a deposit account, which can be used for transactional purposes,” she said.
She said the bank had deployed officers to all provinces and most districts to guarantee access to the bank by women in all corners of the country.
Women Affairs, Community, Small and Medium Enterprise Development Deputy Minister Jennifer Mhlanga said access to financial services by women will drive economic growth.
“Women were failing to access funding for various projects due to lack of collateral,” she said.
“However, the opening of ZWMB has really shown us that President Mnangagwa is walking the talk when he speaks about leaving no one behind.
“We are happy and we really appreciate the support that has been given to women this year.
“These funds have impacted lives and supported many families.”
She said the bank must receive support to enable its growth from being a microfinance institution to a fully fledged commercial bank.
Twitter: @tdrusike
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