Empower Bank targets $1bn loan book

EMPOWER Bank has set a target of growing its loan book to over $1 billion by the end of 2022 as it aims at increasing support to young entrepreneurs across the country.

The financial institution was set up as a micro-banking unit by the Government in 2018 specifically to support different youth initiatives in order to achieve economic empowerment and financial inclusion.

The bank also mobilises youths through financial literacy and project proposal training so that they present bankable business proposals in order to access funding.

Responding to written questions, marketing manager, Jabulani Nyakurerwa, said to date more than 7 000 youths have benefited from the loans.

“We target to grow our loan book to over $1 billion by the end of the year as we mobilise more funds to push the youth empowerment agenda forward,” he said.

“To date we have directly funded more than 7 000 beneficiaries valued at more than $350 million.”

Recently, Empower Bank partnered with Green Afrique Technology (GAT) in capacitating the youths through training on granadilla farming.

During the event, GAT founder Anglistone Sibanda said the sector has huge potential for economic growth as it has a ready export market.

Nyakurerwa urged youths to get financial literacy before applying for loans as this can help to manage finance and be able to pay back the loans.

“We encourage youths to get proper financial literacy training before embarking on any business project and taking on credit,” he said.

“Empower Bank has experts’ on financial matters who are there to assist so that one is given adequate guidance to venture into a business of their choice and the bank provides such training for free nationwide.”

In partnership with Junior Achievement Zimbabwe, Empower Bank is facilitating financial literacy trainings for students from different high schools through a programme where young people get a chance to become shadow bank employees and get a feel of what the working environment is like.

This assists them with career choice options and how to better manage finances in general.

“Our model has worked very well with the youth that we have dealt with and we are satisfied that we are delivering our mandate on youth empowerment and financial inclusion as we forge ahead towards achieving Vision 2030 envisaged by the Second Republic,” said Nyakurerwa.-eBusiness Weekly