Business Reporter
Youths are warming up to the concept of empowerment and financial literacy since the establishment of the EmpowerBank, Harare Post has learnt.
During the training workshop for farmers held in Gutu this Friday, this publication managed to interview EmpowerBank Retail Manager, Betty Sibanda, who highlighted that the uptake of young people in applying for loans to finance their project and other banking services has increased.
“When we started the concept of EmpowerBank, the uptake was very low and we ended up extending our services to people outside our youth range. However, we offered financial literacy workshops to young people and majority of them are warming up to the concept,” said Sibanda.
She observed that over 50 percent of youths in the country have opened accounts with the bank and more are still coming.
“We have made progress so far, but the major challenge we are faced with is that most youths do not know what they really want to venture into. They are only streamlined into poultry projects and there is need for them to diversify. More needs to be done in terms of educating them on other possible projects they can venture into,” she said.
Sibanda revealed that the bank has so far established field officers in most districts who are conducting outreach programmes to young people. She expressed that the bank has started with starter pack loans, which are meant to assist young people who are starting projects.
EmpowerBank Credit Analyst, Brian Makukutsi said that the bank is widening its scope and its services are improving to accommodate every youth despite the geographical location.
“We are trying to build a capital base for young people and collateral is not much of a requirement for youths given that the majority of them do not have tangible assets,” said Makukutsi.
EmpowerBank is a Government initiative to bridge the capital gap amongst young people who were failing to venture into production. The Bank assists young people between the age of 18 to 35 who would open accounts and be assisted in applying loans, it also fosters financial inclusion, opening up other channels such as mobile banking and network banking which can be used by the youths to access finance and be able to transact in a friendly and easy way.
