Online Reporter
Sikhulekelani Moyo, Zimpapers Business Hub
THE Zimbabwe Women Microfinance Bank opened 11 120 savings accounts in 2024 as the Government pushes ahead with financial inclusion initiatives and women’s empowerment, the Ministry of Women Affairs, Community, Small and Medium Enterprises Development, said recently.
The Government’s financial inclusion efforts are designed to empower more people across the country, including marginalised groups to enable citizens to participate in the country’s financial services.
The marginalised groups include informal traders, women and youths.
The financial inclusion strategy, including initiatives by the Reserve Bank of Zimbabwe (RBZ), involves targeted interventions to reduce barriers to access and promote the responsible and sustainable delivery of financial products and services
In its recently published 2024 annual report, the ministry said: “The Zimbabwe Women Microfinance Bank
‘Women’s Bank’, opened 11 120 savings accounts, which is the entry point for financial inclusion.
“The Women’s Bank disbursed 4 083 loans valued at ZWG205 597 996 and 2 350 jobs were created.
“This benefitted 4 135 people (3 498 women and 637 men). The Women’s Bank capacitated 10 919 in orientation on products and services, financial literacy training, technical training and mentorship.”
According to the report, Harare has the highest number of savings accounts opened at 6 173, followed by Bulawayo, which has 1 256. The lowest number of accounts was opened in Matabeleland North, which has only 15 accounts, followed by Matabeleland South with 19 accounts.
In terms of loan disbursement, Masvingo Province leads with 747 loans advanced to 747 beneficiaries, broken down as 513 women and 234 males.
A cumulative ZWG128 839 million was disbursed to beneficiaries in the province.
In second position is Mashonaland East, which saw 634 loans valued at ZWG8 444 million advanced to 640 beneficiaries, made up of 573 females and 67 males.
Matabeleland South has the lowest number of beneficiaries after only 49 loans worth ZWG498 442 were advanced to 49 beneficiaries, comprising 43 females and 6 males.
Matabeleland North province saw only 71 loans being disbursed with a total value of ZWG1,178 million to 71 beneficiaries, broken down as 54 females and 17 males.
Meanwhile, the Ministry of Women Affairs, Community, Small, and Medium Enterprises Development said that under the 2024 Call for Proposals, 200 projects in sectors, including agriculture, manufacturing, trade, tourism and waste management, were targeted for funding through the Zimbabwe Community Development Fund (ZCDF).
The ministry said in addition to funding from the ZCDF, the ministry had collaborated with development partners to provide funding support to community groups, and this assisted the department in meeting and surpassing its funding targets.
“As a result of this two-pronged approach, a total of 230 projects country-wide were funded,” reads the report.
“A total of 38 561 (17 452 female and 21 109 male) community members benefitted from the ZCDF, which improved the livelihoods of the communities.”
