NMB continues to prioritise financial inclusion
LISTED financial services company, NMB Zimbabwe, says driving financial inclusion remains a top priority as it aims to empower women through targeted products and initiatives.
The drive has seen the bank channelling about 43 percent of its loans to women and 28 percent of micro-enterprise loans to women-led small to medium enterprises (SMEs) during the first half of 2024.
Financial inclusion and women empowerment are part of the top focus areas for the Government and its development partners as these impact the transformation of livelihoods.
In a statement accompanying the bank’s unaudited consolidated financial results for the six months ended June, 30, 2024, NMB chairman, Mr Pearson Gowero said the bank continues to prioritise financial inclusion, particularly women, through targeted products and initiatives within the microfinance, SME, consumer banking and business banking divisions.
“I am happy to report that 43 percent of our consumption loans and 28 percent of our micro-enterprise loans were granted to women and women-owned entities, respectively,” said Mr Gowero.
He also said the bank was committed to promoting gender diversity within its workforce as they are working towards achieving a 50 percent target for female representation.
“Currently, female employees constitute 43 percent of our workforce. Furthermore, we have implemented a comprehensive training programme on sexual harassment for all employees, demonstrating our commitment to fostering a safe and respectful workplace,” said Mr Gowero.
Meanwhile, he said operating income for the period under review was ZWG688 million compared to ZWG1,14 billion for the comparative period.
Fees and commission income remained flat while there was a reduction in net interest income from ZWG126 million to ZWG74 million.
“The reduction in interest income largely reflects the recalibration of the local currency loan book to the new ZWG currency and attendant interest rates,” said Mr Gowero.
“Total assets closed the period at ZWG3,5 billion, down from ZWG3,9 billion for the comparative period. The reduction in assets is largely attributable to a reduction in value of some of our investment properties.”
He said activity in the banking book during the first half of the year was hampered by the volatile environment in the first quarter of the year.
NMB raised new funding from several funders part of which has since been disbursed including US$10 million from British International Investments.
Mr Gowero said this new funding will propel growth in the second half of the year.
“Loans and advances stood at ZWG1,1 billion as at June 30 ,2024, down from ZWG1,2 billion as at December 31, 2023 partly due to the recalibration of the local currency book following the change of currency and the exchange rate deterioration that took place in the first quarter of the year,” he said.
“The bank continues to exercise prudent loan underwriting and rigorous monitoring to ensure risk is effectively managed.” — chroncile
