Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) says it has flagged out deficiencies in the Zimbabwe Women’s Microfinance Bank (ZWMB) in a development which has seen the institution’s management and shareholders being engaged to redress the anomalies.
In a statement, the RBZ said the undisclosed anomalies came as a result of on-going supervision by the regulator.
“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,” said the regulator.
The RBZ said the main mandate of ZWMB is to facilitate financial inclusion and economic empowerment of women.
“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,” added RBZ.
