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Access to capital for Zimbabwean women entrepreneurs

Although women and youth make up the majority of the population in Zimbabwe, they are largely excluded from financial services.  The Zimbabwe Country Gender Assessment Report 2017  produced by FAO reports that about 86% of women in Zimbabwe depend on land for livelihood and food production for their families. 

The report further states that women continue to receive little financial support, even in sectors where they dominate, such as in the informal economy, micro and small-scale enterprises and agricultural production. Strides have been made for an inclusive financial sector through the introduction of Financial Inclusion Strategy by the Reserve Bank of Zimbabwe. Find information below on where and how to find affordable finance:

 

angle-left Empower Bank (Zimbabwe)

Empower Bank (Zimbabwe)

Empower Bank

Empower Bank is a registered deposit taking micro bank regulated by the Reserve Bank of Zimbabwe and formed with the purpose of providing social and financial solutions to the financially excluded population with a greater focus on the youth.

 

The premier relationship micro Bank, offers loans to youth-led business and agriculture projects, asset finance, guarantees and savings accounts cutting across urban, peri-urban and rural Zimbabwe. The Bank strives to empower marginalized communities to come out and live in dignity and for small businesses to scale up through wealth creation to generate employment opportunities.

 

PRODUCTS OFFERED

*Interest rates are 3-5% and the requirements are flexible.

Savings Accounts: 

The Bank offers three types of Savings Accounts:

  • EmpowerSave

· Empower Bank Savings Account is designed to help you do just that with no monthly service fees and a minimum balance of only $5.00.

  • MyGraftSave
  • This account offers SMEs an opportunity to deposit their money and transact in a simple and cost effective way.

 

  • Chikwata
  • A tailor-made product that is aimed at formal and informal groups of people saving money for their various projects, giving them an opportunity to save, invest and access flexible financial services.

 

Empower Bank offers a comprehensive range of business loan services to individuals, small businesses and medium corporations.

                            

Product

 

Description of Product

Requirements

Application Process

Criteria for Financing

Empower plus loan

 

  • Proof of residence/affidavit signed and stamped by the commissioner of oaths
  • 2 passports sized
  • Copy of id/driver’s licence/valid passport
  • Confirmation of employment
  • Initial deposit of $5
  • Current payslip

 

  • Fill in the application forms
  • Put together the requirements

 

  • Verification of KYC documents (proof of residence, copy of id, passport sized photos)
  • Verification of the 3rd parties
  • Site visits
  • Quotations from suppliers

 

Thuthuka

 

These loans are for the small informal business enterprises (not registered) who acquire working capital finance to grow their businesses.

 

  • Proof of residence/affidavit signed and stamped by the commissioner of oaths
  • 2 passport sized
  • Copy of id/driver’s licence/valid passport
  • Business proposal
  • Initial deposit of $5

 

  • Fill in the application forms
  • Put together the requirements

 

Benefits & Features

  • No monthly ledger fees
  • Competitive interest rates
  • Access to loans 4 times the available balance of account
  • Free financial advice to group member

Smartmovers

For those that want to become game changers! These loans are available for formal small medium enterprises such as companies, partnerships, joint ventures and others.

 

  • Proof of residence/affidavit signed and stamped by the commissioner of oaths
  • 2 passport sized
  • Copy of id/driver’s licence/valid passport
  • Business proposal
  • Initial deposit of $5

 

  • Fill in the application forms
  • Put together the requirements

 

Benefits & Features

  • No monthly ledger fees
  • Competitive interest rates
  • Access to loans 4 times the available balance of account
  • Free financial advice to group member

Chikwata

Tailor made products that are aimed at formal and informal groups of people saving money for their various projects, giving them an opportunity to save, invest and access flexible financial services

  • Proof of residence/affidavit signed and stamped by the commissioner of oaths
  • 2 passport sized photographs
  • Copy of id/driver’s licence/valid passport
  • Business proposal
  • Initial deposit of $5

 

  • Fill in the application forms
  • Put together the requirements

 

Benefits & Features

  • No monthly ledger fees
  • Competitive interest rates
  • Access to loans 4 times the available balance of account
  • Free financial advice to group member

 

Contact information

Harare

Block 4, Tendeseka Office Park, Samora Machel, Eastlea, Harare
Tel: +263 242 709550-5/ 08677008035

Bulawayo

Shop Number 2, Exchange Building,
Corner Leopold Takawira and Joshua M. Nkomo, Bulawayo

 

Tel: +263 292 260928
Email: info@empowerbank.co.zw
Website: www.empowerbank.co.zw