Home Business President Mnangagwa appoints women’s micro-finance bank board

President Mnangagwa appoints women’s micro-finance bank board

by Byron Adonis Mutingwende

By Anyway Yotamu

President Emmerson Mnangagwa in  consultation with the Minister of Women Affairs,  Community,  Small and Medium Enterprise Development has appointed the board of Zimbabwe Women’s Microfinance Bank  a two year term from 18 November 2019.

The board was commissioned on Wednesday 18 December 2019 at the ministry boardroom in the capital city.

Speaking at the commissioning of the board members, Minister of Woman Affairs, Community, Small and Medium Enterprise Development Hon Sithembiso Nyoni said,  “I would like to thank you all for accepting to be part of this important institution which is a pillar towards achieving women economic empowerment.  The idea of women’s bank as a means by which women could get access to credit facilities was first mooted in 1982 by the then Ministry of Community Development and Women Affairs. Although the idea received resounding support for women, it did not immediately get off the ground because of financial constraints.”

Minister Nyoni said she expects board members to have a duty of care and duty of loyalty.

“The duty of care generally requires Directors to exercise an objective, resounding prudent standard of skill and care to the discharge of their function.  This obligation includes an oversight responsibility to see that the bank functions within the law to achieve its purpose. The duty of loyalty binds you to act in good faith and in the best interest of the corporation. It  prohibits you from placing yourself in a position in which duties to the Bank and personal interest conflict,” she said.

In his acceptance speech the board chairman Mr Mathew Kunaka said: “On behalf of myself and fellow board members we’re delighted to be part of this exciting journey. Your faith in us has not been displaced and your faith for returning me as the bank’s chair is not misplaced. A lot has been happening in the bank since the end of the term of the last board and as you have alluded to, we opt to come on board. We need to have that eye in terms of corporate governance of working together with the ministry and the bank staff to propel the bank forward.

“There’s a lot that still needs to be done in regularising some executive decisions in corporate governance point of view. There is also the cry for capital on the bank. A lot was done but a lot needs to be done to capitalise the bank. We need to work together and we need to achieve the goal. Honourable Minister we’re honoured with your appointment of us as the women’s bank and we can assure you that we are up to the task. We work work with everyone to ensure that Zimbabwean women are empowered and we will get to work as soon as possible.”

The other board members are Ms Chipo Bhebhe,  Mrs Ntokozo Mkandla,  Ms Nomagugu Ncube,  Ms Rumbidzai Ninga,  Mr Obert Ngwenya,  Mr Lysias Kunaka,  Mr Bright Magura and Mandas Marikanda.

The Zimbabwe Women Microfinance was opened in 2018 with the mandate of empowering women across the country

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