ZITA Signs 2,5 Million Business Loan With EmpowerBank

Zimbabwe Integrated Traders Association (ZITA) has signed a ZW 2.5 million Memorandum Of Understanding (MOU) loan with Empower bank, a partnership that will ensure that all members under ZITA will be able to freely apply for loans at the bank.

ZITA is a group of entrepreneurs from all Zimbabwean provinces that consists of small businesses and informal traders.

Speaking during the signing of the MOU in Harare this afternoon, acting CEO of Empowerbank, Mr Shadreck Mhembere urged Zimbabwean youths and companies to apply for business loans which will financially support them in alleviating their businesses.

“You can come as a company we actually encourage young people to formalize and register businesses because we want to mainstream young people so that we encourage youths to form companies,” he said.

The Empower Bank, also known as the youth bank has been able to empower over 4 500 youths since it’s formation in 2018.

Mhembere also added that Empowerbank was diversifying across the country to ensure that all Zimbabwean youths and companies in the business sector are  financially supported.

“Currently we are happy that we are growing and likely to cover all areas across the country soon, for now we cover areas like Harare, Bulawayo, Masvingo and Mutare and in Matebeleland provinces we are represented by our agents in areas which include Binga, Victoria Falls and Lupane whilst in Midlands we cover Kadoma, Kwekwe, Kariba and Mhondoro,” he said.

Meanwhile, Zanu Pf Youth Leader Tendai Chirau who was the guest of honour at the event emphasized that although Empowerbank is a government bank which was meant to empower Zimbabwean youths the bank is also open to assist any youth in business regardless of their political affiliations.

Empowerbank is a youth focused bank owned 100% by the government of Zimbabwe. It was launched on the 5th of July 2018 by President Emmerson Mnangagwa to help Zimbabwean youths who are in the business sector as well as those who want to start their businesses with financial support.