Women's Bank registered

Published: 28 November 2017

The opening of the much-awaited women's bank, the Zimbabwe Women's Microfinance Bank Limited (ZWMB), is drawing closer following its registration by the Reserve Bank of Zimbabwe (RBZ) in September 2017.

The bank was registered in terms of Section 13 of the Microfinance Act which provides for the registration of microfinance institutions. This was revealed in a public notice published in the local print media today.

According to the notice, the RBZ registered six money lending institutions and one deposit-taking microfinance institution, the ZWMB.

"Please take notice that during the period July to September 2017, the Registrar of Micro-financiers registered the following institutions. This brings the number of institutions authorised to conduct business of providing loans in terms of the Microfinance Act (Chapter 24:29) to 189 as at 30 September 2017," reads part of the statement.

Apart from the ZWMB, other institutions which were registered during the same period include Tintrue Finance, Credfund Finance, Lomabil, Skwama Microfinance, Invisible Hand and Anephen Investments. Some of the institutions such as Lomabil, which operates from Unit D, Seke in Chitungwiza, and Anephen Investments, whose offices are given as 72 High Glen Shopping Centre in Harare, seem to be moving away from the norm of operating from the city centre and locating in areas where most people live, where their services are required.

The registration of the ZWMB brings close to fruition the Ministry of Women's Affairs, Gender and Community Development's dream of empowering women through the provision of financial services which are tailor-made to suit their unique needs. The initiative of opening a women's bank is part of the central bank's financial inclusion strategy which is running from 2016 to 2020.
- Harare Post

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