Women’s Bank loan book bulks to ZiG 205,5 million in 2024

Loan disbursements to women led businesses in 2024, reached ZiG205,5 million, reflecting a 759 percent surge from ZiG23,9 million in 2023, according to the Zimbabwe Women’s Microfinance Bank (ZWMB).

Established in 2018, the ZWMB is a deposit-taking microfinance institution dedicated to providing women with access to affordable and innovative financial solutions.

ZWMB chief executive, Dr Mandas Marikanda, attributed this increase to both the number of beneficiaries and loans to increased appetite for economic empowerment initiatives.

“The 4 083 loans disbursed in 2024 benefitted 4 135 clients split as 3 498 being females and 637 males,” said Dr Marikanda.

“The increase in the number of beneficiaries accessing loans from the bank can be attributed to collaborations and partnerships with Non-Governmental Organisations and various Government ministries.

“This resulted in both new products and market development.”

Lack of access to capital is one of the major barriers facing women entrepreneurs in Zimbabwe, especially in marginalised areas.

They often lack the security to borrow while some cultural values do not allow women to venture into businesses.

In 2024, Dr Marikanda said the bank funded agricultural value chains in poultry, maize, sugar bean and sugar cane production.

The bank also funded Small-to Medium Enterprises in manufacturing, mining, trade and services.

A total of 5 773 jobs were created and sustained as a result of the loans disbursed by ZWMB last year, said Dr Marikanda.

Since its inception, close to 120 000 clients with women constituting 72,7 percent have benefited from ZWMB loans — and this year, the bank targets to support at least 10 000 projects across the country.

Last year, Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube said the Government was working on a guarantee for loans secured from the women’s bank to improve access to capital for women entrepreneurs.

In the 2025 Budget, the Treasury made a provision of ZiG1,02 billion for the Ministry of Women Affairs, Community, Small and Medium Enterprises.

The support includes capitalisation of Zimbabwe Women Micro Finance Bank to the tune of ZiG130 million, EmpowerBank ZiG77,4 million; Small and Medium Enterprises Development Corporation ZiG130 million and the National Venture Capital Company of Zimbabwe ZiG108 million.

Dr Marikanda said ZWMB envisages continued support of value chains in various economic sectors including agriculture.

“We are looking forward to continued support of agricultural value chains, supporting mechanisation of productive sectors through asset financing and liquidity support for SMEs operating in various sectors.

“We look forward to having an impactful presence in every ward and every district throughout the country’s 10 provinces,” she said.

A joint report by the Portfolio Committees on Women Affairs, Community, Small and Medium Enterprises Development and Thematic Committee on Gender and Development noted that several beneficiaries confirmed ZWMB loans boosted their businesses such as cross-border trading, chicken production, sawing and farming.-ebsinessweekl