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LICENCE GRANTED TO ZIMBABWE WOMEN’s BANK.
Zimbabwe Women’s Bank granted licence by Reserve Bank of Zimbabwe to operate fully.
The Reserve Bank of Zimbabwe (RBZ) has authorized and issued license to the awaited women’s bank. Hence, with this development the bank operations will be kick-off by the end of this month.
The lunching of Zimbabwe Women’s Micro-finance Bank is a step forward for a new dispensation in the financial institution. It has taking a long time for them to get to this stage but they finally meet the minimum requirement to operate as a bank.
Their major problem is financial exclusion which was redressed through the Zimbabwe Women’s Micro-finance Bank. Products and services by the bank include financing small-scale farmers, savings accounts for registered small businesses and group savings accounts.
The bank has taken long to come to fulfillment due to various reasons, although Government allocated US$10m for its capitalization in the 2018 national budget. Hence, the Government did this to empower women by ensuring that they have access to money.
Government plans to empower women with this Bank by ensuring that they access money at reasonable rates and cheap loans. They will use some of POSB branches dotted across the country to reach women in rural areas. The Ministry has a solid relationship with POSB as it is the only bank that has branches throughout the country.
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