Zimbabwe's Finance Minister Mthuli Ncube gave Empower Bank a special boost. He granted the bank-prescribed asset status to help young entrepreneurs access more money. The move lets pension funds and other investors team up with the bank more easily. Empower Bank focuses on supporting youth-led businesses across urban, rural, and peri-urban areas. Their goal centers on creating jobs and helping small businesses grow.
The youth-focused bank offers various financial services, such as loans for agricultural projects and asset financing. President Mnangagwa launched the bank as part of a bigger plan to support young people. The ministry allocated Zimbabwe Gold (ZiG) 1 billion for 2025, with ZiG 200 million earmarked for vocational training. These funds will help process loans and support entrepreneurial efforts. The bank aims to empower communities that often struggle to access financial resources.
Ncube also highlighted the Zimbabwe Women's Microfinance Bank receiving a similar prescribed asset status. Women make up 52 percent of Zimbabwe's population and contribute significantly to the economy. Despite their contributions, women currently earn only 10 percent of the country's income. Government-funded programs disbursed nearly US$187 million and ZiG8.5 billion during the first half of the previous year. The move seeks to provide more financial opportunities for marginalized groups.
Pension funds and insurance companies must allocate at least 20 percent of their investment portfolio to prescribed assets. The Insurance and Pensions Commission has already granted similar status to several companies. African Century received US$15 million for onward lending. Pure Oil got US$5 million for soya bean and crude oil imports. Centra West secured US$42.5 million for power generation.
Other organizations have also benefited from prescribed asset status. The Zimbabwe Electricity Industry Pension Fund received US$6.5 million to construct a shopping mall, and Datvest obtained US$7.5 million for residential stand development. These investments aim to stimulate economic growth and provide financial support to various sectors. The prescribed asset strategy represents a targeted approach to channeling investment into key developmental areas.
The youth-focused bank offers various financial services, such as loans for agricultural projects and asset financing. President Mnangagwa launched the bank as part of a bigger plan to support young people. The ministry allocated Zimbabwe Gold (ZiG) 1 billion for 2025, with ZiG 200 million earmarked for vocational training. These funds will help process loans and support entrepreneurial efforts. The bank aims to empower communities that often struggle to access financial resources.
Ncube also highlighted the Zimbabwe Women's Microfinance Bank receiving a similar prescribed asset status. Women make up 52 percent of Zimbabwe's population and contribute significantly to the economy. Despite their contributions, women currently earn only 10 percent of the country's income. Government-funded programs disbursed nearly US$187 million and ZiG8.5 billion during the first half of the previous year. The move seeks to provide more financial opportunities for marginalized groups.
Pension funds and insurance companies must allocate at least 20 percent of their investment portfolio to prescribed assets. The Insurance and Pensions Commission has already granted similar status to several companies. African Century received US$15 million for onward lending. Pure Oil got US$5 million for soya bean and crude oil imports. Centra West secured US$42.5 million for power generation.
Other organizations have also benefited from prescribed asset status. The Zimbabwe Electricity Industry Pension Fund received US$6.5 million to construct a shopping mall, and Datvest obtained US$7.5 million for residential stand development. These investments aim to stimulate economic growth and provide financial support to various sectors. The prescribed asset strategy represents a targeted approach to channeling investment into key developmental areas.
