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Byo women get financial literacy

The Ministry of Women Affairs, Gender and Community Development in collaboration with the Zimbabwe Women’s Microfinance bank, Monday, held a training workshop in Bulawayo, aimed at empowering women on financial literacy.

The training workshop was attended by 100 women drawn from across the city.

In an interview with CITE, the ministry`s provisional development officer of Matabeleland South,  Mrs Sikundla, said the women trained will be assigned to their wards to share the information with their peers.

“After receiving the training, these women will go to their respective wards and assist others in filling the forms for opening bank accounts,” said Sikundla.

She said the training has been taking place in different provinces of the country as the aim of the bank is to ensure all women in the country are fully informed about the requirements of the bank.

“So far we have been to Manicaland, Masvingo, and Matabeleland South. We are in Bulawayo today, we will be going to Lupane tomorrow. We expect to be done with all 10 provinces by 18 September,” said Sikundla.

Sikundla said the plans of opening a second branch are underway and she is hopeful it will be commissioned before the year ends.

Addressing the women trainees, Women Microfinance Bank, Head of Banking, Ms Clara Mukosera, said the aim of the bank is to empower women to establish their own businesses and to ensure they are financially independent.

“There are two business accounts that are offered by the bank which are the micro-farming account for crop farming and animal farming and micro-enterprising for value addition,” she said.

Mukosera told the women attending the training they could access loans from as little as $50 up to $20 000.

“In order to get a loan you have to raise 10% of the loan amount that you want as a deposit. A loan officer will assess your loan application. The process does not take long,” she said.

Mukosera pointed out that one could provide collateral, be part of group landing which makes members become each other’s guarantors, or declare an asset one intends to buy.

She urged women not to get too pompous once they have started their businesses and earning profits.

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