The government has allocated an additional $10 million to the Zimbabwe Women’s Microfinance Bank to solve resource constraints that have seen the institution failing to cope with the ever rising demand for products and services.
Access to banking products and services has in the past few years been tilted in favuor of males but with the introduction of a financial inclusion plan, several women opened bank accounts.
With the second republic realising the importance of women in economic growth, the introduction of a Zimbabwe Women’s Microfinance Bank last year has however seen a rising demand for products and services against limited resources.
While an initial capital of $10 million was allocated to the institution, the bank’s CEO, Mrs Mandas Marikanda revealed that an additional $10 million is also being set aside by the bank’s majority shareholder, the government.
“We have achieved key strides on that aspect but our major worry is the ever rising demand for loans,” she said.
The government and the private sector are being called on to mobilise more capital or resources for the bank.
Agriculture projects are dominating loan proposals by the women entrepreneurs followed by tourism, hair saloons, clothing and textiles, retailing and food processing, among others.