Zimbabwe inaugurated, on Monday, 25 June, the first bank of the Southern African Development Community (SADC) to finance small-scale women’s projects, the so-called Zimbabwe Women Micro-finance Bank (ZWMB).
The new institution, which has already started its loans after the inauguration, seeks to financially promote women through affordable financing options that allow them to start their own business.
On the sidelines of the inauguration, President Emmerson Mnangagwa – who presided over the inauguration ceremony – said the bank is laying the foundation for Vision 2030, by which time the country should reach a mid-level economy. He also urged this entity among other financial institutions to restore the confidence of savers and to abandon the imposition of punitive bank charges.
The Zimbabwean president also said the government is working on permanent solutions to the current scarcity of money.
In this regard, Mnangagwa stated that his government will announce, in due course, comprehensive strategies to resolve the problem in a conclusive manner. « I urge our industry, our business and small and medium-sized businesses to focus on business models that generate foreign currency for the country, » he added.