Youth bank to disburse $260 million
THE country’s youth entrepreneur’s bank, the Empower Bank has intensified its agency banking model as it seeks to roll-out agents in all districts across the country to enhance accessibility as it moves to disburse $260 million to beneficiaries this year.
President Mnangagwa launched the Empower Bank on 5 July 2018 with an objective to empower youths through funding for those who need money to start business including some that are already running.
Youths below 35 years are targeted for 70 percent of the loans from the bank while the other 30 percent is shared among the rest of citizens below 65 years.
The bank has four branches and one sub-branch in Bulawayo, Harare and Masvingo. The Bulawayo branch services Bulawayo, Matabeleland North and South and parts of Midlands.
Acting chief executive officer Mr Shadreck Mhembere said the cost of setting up physical branches was high hence the roll out of agents who will offer all services offered by the bank.
“We are looking for any business people who may want to be our agents. We will give them our machines and they will do agent banking.
“Physical branches may not happen overnight but agent banking is possible and the agents will provide a 24/7 presence to our clients.
“We will open branches later but for now teams from existing branches will be occasionally visiting to assist when there is need,” said Mr Mhembere.
The bank has since advertised on various media platforms calling for applications from prospective agents who have operational business premises to consider becoming agents.
He said the bank which seeks to disburse $260 million worth of loans to youths countrywide by the end of the year, has grown into a fully-fledged financial institution offering banking services and will soon be having Nostro accounts services for those youths who want to export and import.
Mr Mhembere said the bank had applied to the Reserve Bank of Zimbabwe for the service.
“He said some of the services are found on the bank’s social media platforms while roadshows are also used for awareness campaigns.
Empower Bank’s mandate borders around economic empowerment and financial inclusion.–sundaynews
