Over 3600 women have started their income generating projects after accessing loans from the Zimbabwe Women’s Micro-Finance Bank launched by President Emmerson Mnangagwa last year.
47-year old Vimbai Tsvetai is a beneficiary of the loan facility from the women’s bank.
With a loan of $1900, Tsvetai has successfully registered her infant school in Ruwa with the Ministry of Primary and Secondary Education.
“It started as a ghost infant school, meaning that it was not registered. However after the launch of the bank by our President, I thought it was a joke, but after approaching the bank, within a short space of time the inspection team visited me and approved my project, they assisted me with funds to officially register with the government. Now I am a proud owner of this infant school,” narrated Mrs Tsvetai, who now employees four permanent teachers and other non-teaching staff.
Since inception, the women’s bank has disbursed over $3 million to over 3500 women in rural and urban settings, assisting them with loans to start viable income generating projects.
“The response has been overwhelming, over 40 000 women have opened accounts and we have assisted over 3500 of them so far, those in agriculture, small enterprises and other projects. We are saying to those who want even school fees can approach the bank to get assistance,” the bank’s CEO, Mrs Mandas Marikanda said.
The Zimbabwe Women Microfinance Bank was officially opened by President Emmerson Mnangagwa on the 25th of June with the main objective of empowering women who have been battling to access capital, owing to lack of collateral.