Youth League meets Empower Bank officials ….bank disburses ZWL$9m to youth projects

Youth League meets Empower Bank officials ….bank disburses ZWL$9m to youth projects

Youth League meets Empower Bank officials ….bank disburses ZWL$9m to youth projects

By Ndafadza Madanha - ZANU PF Information Department

THE ZANU PF Youth league leadership led by the acting Deputy Secretary for Youth Affairs, Cde Tendai Chirau, met senior officials of Empower Bank to familiarise with operations of the institution.

Cde Chirau said the meeting was also in line with pronouncements of the National Youth League executive that, in 2020 focus will be on enhancing empowerment opportunities for its constituency.

Empower Bank was formed in 2018 at the behest of the Youth League with the purpose of providing social and financial solutions to the financially excluded population with greater focus on the youth.

“We came to meet the leadership of Empower Bank as you are aware ZANU PF Youth League pushed for the establishment of the Bank. The leadership explained the number of youths who have benefited in particular those in agriculture and order financing. We are also happy that the bank is decentralising and that it now accepts collateral in the form of movable items such as cattle and ICT gadgets”.

Cde Chirau said his team were concerned with the interest rates charged by the bank and will lobby Government to review them as they were prohibitive to aspiring entrepreneurs.

He urged Youths to prioritise seeking knowledge from the bank as it was apolitical.

Empower Bank acting Chief Executive Officer, Shadreck Mhembere, said the institution had to date disbursed ZWL$9m to over 1 500 youths for projects.

He said another ZWL$4m worth of projects was under review and urged youths to approach the bank to find out how they can get assistance.

“We are the only Youth Bank in Zimbabwe and Africa and we saw it fit to respond to section 20 of the constitution of Zimbabwe. We have to date disbursed ZWL$9m to over 1 500 beneficiaries in various sectors of the economy”.

Mhembere said the majority of youths who have received loans from the institution are meeting their obligations resulting in a low non-performing loan ratio.  

He said in 2020, the bank looks forward to disbursing loans worth over ZWL$60m to over 10 000 youths across the country.

The Bank had decentralised operations to almost all provinces in a bid to ensure youths had access to their products and services. 

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What is ZANU PF? Zimbabwe African National Union- Patriotic Front (Zanu PF) is a total Political, Indigenous Economic Emancipation and a National Liberation Movement Package for Zimbabweans by Zimbabweans prepared to shed their blood in defence of their Sovereignty at all times. Its a liberation movement which thrives on and cherishes National Unity which has created the sound condition of Peace and Security which Zimbabwe has enjoyed and a rare gift many countries dream of. Is driven by its Democratic African Values where the leadership is accountable to the membership which elected it, hence the holding of District Conferences, the Annual People’s Conference and the National People’s Congress. Aims and Objectives To establish and sustain a society that cherishes African Values and to create conditions for economic independence, prosperity and equitable distribution of wealth of the nation. To preserve and defend the National Sovereignty and Independence of Zimbabwe. To Uphold and apply fully the rule of Law, Equality before the law and Equality of opportunities for all people in Zimbabwe, regardless of race, tribe sex, religion or origin. Continue to participate in the worldwide struggle for the complete eradication of imperialism, colonialism and all forms of racism. To support and promote all effects for the attainment of the Pan African goal for the complete independence and unity of African states. To oppose resolutely, tribalism, regionalism and forms of exploitation of man by man.

1 Comments

  1. The voice from India
    February 22, 2020 at 18:59
    Reply

    This is a positive step towards poverty eradication and employment creation in Youths.

    We would love to see this support being extended to Youth in the Diaspora.

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