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Business Reporter

STANBIC Bank Zimbabwe has launched an innovative savings scheme to support women in business across the country.

The new product called ‘Isidleke/Dendere’ is a savings account targeting women and is designed to encourage them to save as well as borrow money to grow their businesses.

The bank has said the scheme demonstrates its commitment to supporting Government’s efforts to empower women and further buttresses the Reserve Bank of Zimbabwe’s thrust for financial inclusion for women, among other stakeholders.

Stanbic Bank’s head of personal and business banking, Mr Patson Mahatchi, said the institution was making strides towards empowering women and closing the gender gap by providing ‘fit for purpose’ banking solutions that work for women in business.

“Women who open these accounts can also go through an incubation period where they receive consultancy and training from our experienced business bankers and they also get networking opportunities. After the incubation period, the bank then puts in place measures that assist women by financing their business through loan facilities,” he said.

Mr Mahatchi said women aged 18 and above or groups of women were eligible for the product. They could also form groups to save money by way of monthly contributions and could benefit from the scheme. The new scheme was inspired by the saving culture women have exhibited over the years through the informal “Stokvel” system.

“This product will provide a safe vehicle for women to preserve their savings. This is an account that will allow customers to save and borrow from the bank. Dendere/Isidleke has been specifically developed to provide a safe place for savings without monthly charges,” said Mr Mahatchi.

By introducing the new scheme, he said the bank recognizes Zimbabwe is a signatory to numerous international and regional instruments for gender equality and empowerment of women and girls.

One of the most significant of these is the Millennium Development Goal (MDG) 3, which focuses on promoting gender equality and empowering women.

Dendere/Isidleke comes into the market as the Government has reiterated its commitment to empowering women and promoting sustainable and inclusive economic growth and poverty reduction in the country.

Last year Government launched the Zimbabwe Women’s Microfinance Bank (ZWMB) – the first bank in Southern Africa dedicated solely to transform and economically empower women.