Women’s Bank Set to Open Next Week

Women's Bank Set to Open Next Week
Image Credit: Barron's

Women’s Bank is set to open next week, Minister of Women’s Affairs, Gender and Community Development Sithembiso Nyoni told journalists yesterday.

Zimbabwe Women’s Microfinancial Bank Limited (ZWMB) which began its operations on the 29th of May this will commence banking transactions from the 12st of June 2018.

“The bank has been licensed and certified after meeting the minimum infrastructural and operational requirements for deposit taking microfinance business,” Nyoni said.

President Emmerson Dambudzo Mnangagwa is expected officially open the Women’s Bank.

Nyoni had earlier in January said that the women’s bank will open in February this year.

The bank, which was licensed in May, however did not eventuate at the time.

Reserve bank of Zimbabwe (RBZ) Deputy Director Supervision, Norah Mukura in response to why the bank is taking long to open said in May that there is need to make sure that all the infrastructures are in place before operations start.

The Bank will be using the People’s Own Savings Bank facility, which can be found even in rural areas.

ZWMB is mearnt to empower women economically and socially by providing financial assistance

The women’s bank is also 100% owned by the Zimbabwean government.

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