The Zimbabwe Women’s Microfinance Bank (ZWMB) is set to gain prescribed asset status, a significant move aimed at enhancing efforts towards women’s empowerment in the country.
Founded in 2018 and licensed by the Reserve Bank of Zimbabwe, ZWMB was established to address the financial needs of women, particularly those from marginalised backgrounds. The concept of a women’s bank originated as early as 1982, proposed by the Ministry of Women Affairs, Community, Small and Medium Enterprise Development, with the goal of improving access to credit facilities for women.
Despite its noble mandate to economically and socially empower women through affordable, innovative financial products and services, the bank has struggled to make significant progress, primarily due to a lack of adequate funding. The upcoming prescribed asset status is expected to bolster its efforts and create more opportunities for women across Zimbabwe.