Zimbabwe launches special bank for women in business
London, July 27, 2020 (AltAfrica)-FEMCOM, the Federation of National Association of Women in Business, Zimbabwe has inaugurated a micro-finance institution to support women economic empowerment.
The institution, known as Empowered Woman Excel SAACO Bank, targets women in various sectors including agribusiness, teaching, mining, handicrafts and textiles, transportation, law, finance, service industry, tourism and professional associations.
The bank has been registered and it is lending money with contributions worth $24,000.
Women MSMEs with saving accounts, otherwise denied loans by the big banks, are already accessing small loans from the SAACO to help their businesses survive the tough COVID19 times and expand existing businesses with the new market opportunities.
The women’s bank was the brainchild of two entrepreneurs, Ms. Edina Mukurazhizha and Ms. Birgitta Matengenzara, the FEMCOM Africa and National Chapter Chair and founder member of the Business Female Teachers.
The FEMCOM women chapter in Zimbabwe targets to reach 15,000 members by the end of the year 2020 up from 3,500 at inception.
Zimbabwe Women SAACO Bank aims to raise awareness, attract government support and international recognition and ultimately increase membership numbers.
The vision of the bank is to become a key facilitator for regional trade integration and infrastructure development. The bank will begin conducting training sessions of women and youth on financial literacy and how to access finance.
FEMCOM is a COMESA institution for the empowerment of women in business, with national chapters in Member States.