Women’s Bank Empowers Thousands Through Loans, Sav...

Women’s Bank Empowers Thousands Through Loans, Savings

Rutendo Mazhindu - ZimNow Reporter

The Zimbabwe Women Microfinance Bank (ZWMB) opened 11 120 savings accounts and disbursed ZWG205 million worth of loans in 2024, as part of Government’s ongoing efforts to promote financial inclusion and women’s economic empowerment.

According to the Ministry of Women Affairs, Community, Small and Medium Enterprises Development’s 2024 annual report, a total of 4 135 people benefitted from the loans 3 498 women and 637 men while 2 350 jobs were created through funded projects.

“The Women’s Bank continues to serve as the entry point to financial inclusion, helping marginalised communities access savings, loans and financial literacy,” said the Ministry.

Harare recorded the highest number of savings accounts at 6 173, followed by Bulawayo with 1 256. Matabeleland North had the least, with 15 accounts, and Matabeleland South followed with 19.

In terms of loans, Masvingo Province led with 747 loans valued at ZWG128.8 million, while Mashonaland East came second with 634 loans worth ZWG8.4 million.

The lowest number of loans was recorded in Matabeleland South, where 49 beneficiaries received ZWG498 442, and Matabeleland North, with 71 loans valued at ZWG1.1 million.

The bank also conducted orientation and training programmes for 10 919 people on financial literacy, product usage, technical skills and mentorship.

The Ministry funded 230 community projects across various sectors such as agriculture, manufacturing, trade, tourism and waste management, surpassing its initial target of 200 projects.

The projects were supported through the Zimbabwe Community Development Fund (ZCDF), benefitting 38 561 people countrywide, including 17 452 women and 21 109 men.

The Ministry said the progress was made possible through partnerships with development agencies, which enabled more communities to access funding, create employment and improve livelihoods.