Home BusinessBanking Zimbabwe: Women’s Bank Disburses ZW$50 Million Loans

Zimbabwe: Women’s Bank Disburses ZW$50 Million Loans

by
Namibia: Peugeot Will Export 'Once Issues Are Resolved'

THE Zimbabwe Women’s Microfinance Bank disbursed more than 30 000 loans worth more than ZW$50 million (US$617 284) in the first nine months of this year and is considering giving out loans in foreign currency in the future, businessdigest has learnt.

The bank which was established in 2018, targets particularly rural women with limited access to conventional commercial banks.

In an interview with businessdigest this week, Women’s Bank chief executive officer Mandas Marikanda revealed that the bank had processed more ZW$ 50 million (US$617 284) in loans in the first nine months of the year with the small-to-medium enterprises being the major beneficiary of the 30 000 loans that have been disbursed to date.

She said the bank is considering giving out loans in foreign currency in response to increased inquiries from its clients.

“Yes we are considering giving out loans in forex and as a response to demand, with the prevalence of the USD in the economy, we have had increased inquiries from clients requiring USD loans, and as such only with approval and guidance from RBZ we are considering USD loans,” Marikanda revealed.

She said as a result of high inflation, which stood at 659% for September, the bank has increased the size of its loan book.

“The resultant effects of hyperinflation are increased loan ticket sizes and therefore the bank increased the amounts of loans being given, for example when we started the year, the budget for keeping 100 broilers was less than ZW$15 000 (US$185) but it has now increased to ZW$35 000 (US$432). This has been the trend in all the sectors,” Marikanda said.