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Esinathy Sibanda, Business Reporter
More than 12 000 women and youths have opened accounts with the Zimbabwe Women Microfinance Bank (ZWMB) since its launch in June.

Women Affairs, Gender and Community Development Minister Sithembiso Nyoni said of the 12 000 account holders, 116 have secured online loans amounting to $23 000.

“We are pleased with the turn-out of women and we hope that the number will increase as more women open bank accounts with ZWMB and access all the services on offer,” she said.

“Most of the women who benefited from the loan services are cross-borders, informal traders and those in the agriculture sector.”

The banking institution targets to register at least 60 000 accounts within the first six months of trading.

In regard of payment of loans, Minister Nyoni said the bank put in place favourable measures that people can adopt in returning the money.

“I encourage everyone to access the loan services because the payment plans are favourable that anyone can benefit,” she said.

President Mnangagwa officially launched the bank in Harare last month with a seed capital amounting to $10 million laying a foundation for the country’s vision 2030 to attain middle-income economy status in the next 12 years.

Plans are afoot to open a Bulawayo branch by December after which other branches will be opened in Mutare and Masvingo.

The financial institution is one of the measures put in place by Government to empower women by ensuring they access funding for various projects at concessionary rates.

It offers products that include financing small-scale farmers, savings accounts for registered small businesses and group savings accounts.

Minister Nyoni said ZWMB uses some of the People’s Own Savings Bank branches dotted across the country to reach out to women in rural areas.

The bank is meant to support women-driven projects.

Over the years, women have complained of being marginalised when it comes to accessing loans for projects due to the stringent collateral security requirement by local financial institutions.

@esinathy_essira