Today marked the opening of Zimbabwe’s first women’s bank, Zimbabwe Women Micro-finance Bank (ZWMB) which is mandated to give women increased access to finance at befitting terms. Zimbabwean women are said to be unsatisfied with the current bank services because banks are developing products that don’t resonate with female consumers. Hence bringing in a financial institution that pays attention to women’s requirements was imperative.
ZWMB will facilitate women entrepreneurship, self-employment and creating job opportunities. Bringing Zimbabwe a step closer to achieving the UN’s eighth Sustainable Development Goal (SDG ) of promoting sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all, especially the ladies.
Getting down to business
ZWMB showed no qualms in starting to serve its customers. This was denoted by the immediate roll out of loans at the launch event. Surprisingly, OneMoney, will be the preferred channel for disbursing various types of ZWMB’s loans as these loans were released via the mobile money wallet.
Netone which is playing catch up in the mobile money business is perhaps trying to increase the traction of OneMoney by collaborating with ZWMB. The partnerships which OneMoney money is currently involved in has seen the mobile money platform reaching a million subscribers. Perhaps this new collaboration will propel it to new heights.