The mining sector anchors the Government’s Vision 2030 of transforming Zimbabwe into an upper middle-income
status economy. Cognizant of the role of mining in achieving this vision, the government in 2019 launched the
roadmap to the achievement of US$12 billion revenue from the mining sector by 2023.
This vision requires the support of financial institutions in terms of loans and equipment to the mining sector. One of the banks which has embraced this vision and come on board in support of mining is the Women’s Bank, which is actively supporting women engaged in mining.
Women’s Bank CEO Dr. Mandas Marikanda says they have decided to focus on the areas of the value chain where they can support women and create a woman
with power.
“The Women’s Bank has been in the mining landscape in its short period of existence. We have had our good share of challenges and we have decided as a bank when we are learning the ropes to focus on these mining value chains which can easily support the women,’’ she said.
Dr. Marikanda added that it has not escaped the bank’s notice that there are different levels of operations and the majority of players in the mining sector are struggling with capacity issues. The bank’s innovative solutions include loans in the form of equipment.
“We have noted the different challenges at the different levels of each value chain and most are struggling with capacity to extract their minerals in the mining landscape. I am happy to say that we have been giving loans in the form of assets that they require and these assets include compressors and different kinds of equipment,”
she said.
Most small scale miners lack access to loans and equipment and the initiative to offer loans in the form of equipment has particularly excited them, enabling the miners to focus on production.