Home » Business » ZIMBABWE’S WOMEN’S BANK FINALLY SET TO SEE LIGHT OF DAY

HARARE, Dec 2 — A bank to cater only for women is finally set to see light of day following the pledge by Zimbabwean Finance Minister Patrick Chinamasa to allocate resources to ensure it is established in the coming year.

The Women’s Bank has been on the drawing boards since 2010 when former Deputy Prime Minister Thokozani Khupe proposed it following her visit to India where she saw the concept.

India has a Self Employed Women’s Association, a bank wholly owned and run by women and whose entire clientele is strictly women.

Announcing the 2015 National Budget last week, Chinamasa said the government was determined to enhance the access of women to credit. “Women dominate agriculture and various other sectors including SMEs,” he said. “I am going to set aside resources to ensure the bank is set up in the coming year.”

Women in Zimbabwe have long complained that they were failing to access loans from banks, which demand collateral. They note that the houses that they could offer as collateral were registered in the names of the husbands.

Despite buying the idea of establishing the women only bank, the government has failed to allocate a single cent to the initiative due to competing demands. The economic environment in the country has also not been conducive for establishing another bank since the existing ones have been struggling.

SOURCE: NEW ZIANA

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