Empower Bank to introduce agency banking

EMPOWER Bank has set sights at introducing agency bank as part of its efforts to reach out to all marginalised youths across the length and breadth of the country.

Empower Bank head of marketing Mrs Christina Muchekeza said the state-owned deposit taking micro bank envisages opening more branches in all the country's provinces.

"The bank's plan is to open branches in all provinces of the country with our third branch scheduled to be opened within the first quarter of 2019. Going forward our reach to the target market is going to be enhanced more by an agency banking model. This model that is being adopted by the Bank will enable it to reach most of the remote communities in the country bringing financial products and services to the previously unbanked communities," she said.

The youth-centric bank was officially launched by President Emmerson Mnangagwa in July as a way of empowering marginalised youths who fail to get capital injection for their projects. At the moment the bank is operational in Harare and it successfully set base in Bulawayo two weeks ago.

Empower Bank is capitalised to the tune of $2,5 million and targets more than 40 000 youths. The bank has 70 percent of the fund for youths while 30 percent was set aside for any other businesspeople.

"Since inception we have reached out to more than 4 200 youths through our various marketing and outreach programmes across the country. The bank encourages youths to bring any projects for review and financial assistance. We are geared to play our part in empowering and uplifting the lives of youths and other Zimbabweans in line with the Vision 2030 spelt out by Government," said Mrs Muchekeza.

The financial institution intends to continuously increase the number of its loans and savings products with much emphasis centred on financing the agricultural sector value-chain.

"At present, Empower Bank has various loans and savings products and services that will increase as the Bank engages with youths and develop more products that are relevant to their unique requirements as individuals, groups, associations, clubs, co-operatives and communities.

"We are also focusing on value chain financing with considerable progress in the agricultural sector value chain financing. The bank plans to develop a host of value added services that meet the banking needs of young people and those will be announced at the appropriate time," said Mrs Muchekeza.

The Government through the Transitional Stabilisation Programme (TSP) seeks to contribute towards the establishment of Venture Funds, targeting the game changing SMEs sectors. The Venture Funds will augment the role of the Empower Bank and Women's Bank.