https://www.herald.co.zw/rbz-lauded-for-lifting-lending-ban/

May 18, 2022

RBZ Lauded by lifting the Lending Ban. The suspension on bank lending was lifted yesterday by the Reserve Bank of Zimbabwe, although those under investigation for abuse of past loans still cannnot borrow

President Munangagwa ordered banks to stop extending loans to both private companies and government departments

President Emmerson Mnangagwa has ordered banks to stop extending loans to both private companies and government departments as he announced a raft of measures aimed at stopping "economic hitmen" he blamed for derailing economic stability.

Empower Bank Unveils $120m Loan Facility for Youths

Empower bank has unveiled a $120 million youth loan facility business start-up kit and working capital" as the Minister of Youth, Sport, Arts and Recreation, Dr Kirsty Coventry, launched the Youth Business Starter Packs (YBSP). "YBSP loans will be extended at competitive interest rates which are five percent below those charged by mainstream commercial banks and are extended for periods of up to 18 months at flexible collateral terms and collateral free for smaller loan sizes.

Setting aside ZWL$500 for Youth Start-ups

The finance minister, Professor Mthuli Ncube recently indicated that the government has set aside funds to be channelled towards startups. This is in a bid to stimulate and enhance activity in the tech innovations and startups space. This is a worthy commitment because the progression of nations in this 21^st century is heavily anchored on that. 

Adequate Financing of Empower Bank

Empower Bank is a financial institution that was created and launched to cater for the youths of Zimbabwe. 70% of the loans at Empower Bank will go to the youths while the other 30% is set aside for lending to any other business.