ZWMB loans soar to ZiG205,5 million in 2024

ZWMB loans soar to ZiG205,5 million in 2024 The Port of Durban received a shipment of imported white maize — the first import of the grain since March 2017, when South Africa was experiencing a severe drought. The African Baza, a bulk carrier sailing under the Bahamas flag, offloaded 23 700 tonnes of white maize produced in the US, while another vessel containing 46 000 tonnes of white maize is expected in February, says Dr André van der Vyver, executive director of the South African Cereals and Oilseeds Trade Association (Sacota). The current imports are necessitated by poor crops and record-high grain exports to Zimbabwe in 2024. During the 2023/24 production year, grains and oilseeds experienced a bad year, with production declining approximately 22,5 percent for maize and 33,5 percent for soybeans from the previous year. The Crop Estimates Committee in November 2024 estimated white maize production at just over six million tonnes — down 29,3 percent from the previous year — and yellow maize at 6,716 million tonnes, down 15,4 percent. “In the South African seasonal crop cycle, these products should last until approximately March/April 2025 before the new crop (planted in November and December 2024) will become available again,” Van der Vyver notes. As early as February 2024 it became evident that South Africa would have to import yellow maize and possibly white maize and soybeans. “South Africa had just enough grains to feed itself, but we also supply grain to countries in the Sacu (Southern African Customs Union) region. — Moneyweb.

THE Zimbabwe Women’s Microfinance Bank (ZWMB) significantly increased loan disbursements in 2024, reaching ZiG205,5 million, a 759 percent surge from ZiG23,9 million in 2023.

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

Responding to questions from this publication, ZWMB chief executive Dr Mandas Marikanda attributed 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,” revaled 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.

The report, published in 2022 assessed the impact of the bank in empowering women since its inception.

“The committee confirmed with those who managed to access the loans from ZWMB and noted that the loans were useful and of much importance in supporting their projects and small businesses,” said the report.

“Members of the public who received the loans confirmed that they received US$150 vendor loans which were payable on a weekly basis. Submissions from other beneficiaries were that women started grinding mill projects as groups which empowered them financially as well as saving the distance they used to travel to get the service.”

The committee also noted beneficiaries did not face challenges in repaying the loans.

However, a disturbing concern was the period of loan repayment. The beneficiaries reported that the bank required 30 days to repay.

The committee noted from the submissions the period was too short for projects such as poultry and farming.

However, some of the beneficiaries acknowledged the loan repayment system was flexible since the bank can negotiate and agree with clients on payment timeframe.-newsda