ZWMB Annual Meeting: A Call for Celebration and the Addressing of Challenges

By Ilyana Sithole

Today, Honourable Monica Mutsvangwa, the Minister of Women Affairs, Community, Small and Medium Enterprises Development, gave an inspiring address at the 5th Annual General Meeting of the Zimbabwe Women Microfinance Bank. The meeting was graced by all key stakeholders in government, board members, and senior officials presenting progress as well as future initiatives taken by the bank in empowering women across the country.

In her opening remarks, Minister Mutsvangwa highlighted the increased strides of ZWMB in propagating financial inclusion and women’s economic empowerment. “The bank is an important tool given to us by our government to address some of the historical imbalances and inequalities between men and women,” she said, emphasizing that the bank’s success ensures Zimbabwe attains its Vision 2030.

Minister Mutsvangwa, however, indicated that despite the funding constraints, the bank had some milestones last year. To date, ZWMB has grown its suite of products and services to reach into several thousands of women across both rural and urban divides. This included the distribution of over 200 tractors to sugar cane farmers in the Lowveld, to increase women’s involvement in farming.

The minister also praised the introduction of the “All Women” platform, which would foster the digitalization of services aimed at women entrepreneurs. “With investments in digital technologies, we serve our clients better and the viability of the bank increases,” she said.

However, the minister noted a few areas that need attention in future times by the ZWMB. These are limited access to finance, high turnover at board levels, and enhancement of governance practices. She assured the audience that her ministry is working on those, among other issues, which include the current vetting process for new board members.

The Minister called upon the ZWMB to:

1. Improve Digitalization and Innovation: Provide affordable and accessible financial services to women in starting and growing their enterprises.

2. Strengthen Partnerships: Network with financial institutions, government agencies, and NGOs to establish an enabling environment for women entrepreneurs.

3. Improve Governance: Ensure the full capacitation of the board that oversees the operation and improvement of internal controls.

4. Contain Costs: To achieve cost-effective measures in ensuring operational efficiency and sustainability of expenditure-to-income ratios.

Following this, the minister stated that ZWMB is committed to the cause of financial inclusion and women’s empowerment. “Through our efforts, we shall be able to conquer the looming challenges and brighten up a better future for women and communities throughout Zimbabwe,” she said.

The meeting closed with all stakeholders making new commitments to support the ZWMB in its quest and vision for increased participation in financial services-a driver for economic growth and gender equality in Zimbabwe.