The Reserve Bank of Zimbabwe, says the main mandate of Zimbabwe Women's Microfinance Bank Limited, is to facilitate financial inclusion and economic empowerment of women.
Fresh Angle International can report that the explanation was contained in a statement released Friday January 6, by the Registrar of Microfinance Institutions Reserve Bank of Zimbabwe.
The statement noted: “Members of the public are advised that the Reserve Bank of Zimbabwe concluded an onsite examination of the Zimbabwe Women's Microfinance Bank Limited in December 2022, as part of the its on-going supervision activities in terms of Section 36 of the Microfinance Act [Chapter 24:30).
“The examination determined corporate governance and risk management weaknesses at the institution. As part of its supervisory processes, the Reserve Bank has engaged the institution's board and shareholders who have since initiated processes and measures to address the deficiencies.
“The Government of Zimbabwe as shareholder, is committed to the resolution of the identified weaknesses to enable the microfinance bank to continue to perform its mandate.
“Through its supervisory processes, the Reserve Bank shall monitor progress on the resolution of the identified weaknesses”.
Copyright: Fresh Angle International (www.freshangleng.com)
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