By Own Correspondent

LEADING financial services provider, NMB Bank is supporting job creation by lending more resources to women led enterprises.

Labour studies show that women’s economic empowerment through opportunities and skills to generate higher-paid and more stable jobs. Income and jobs do not automatically empower women but can contribute as they generate the necessary resources.

Presenting the group’s consolidated results for the half year’s period ended June 30 2024, NMB’s chairman Pearson Gowero said a significant proportion of the loan book was consumed by women.

“We have continued to prioritize financial inclusion, particularly for women, through targeted products and initiatives within our Microfinance, SME, Consumer Banking, and Business Banking divisions. I am happy to report that 43% of our consumption loans and 28% of our micro-enterprise loans were granted to women and women-owned entities, respectively.

“We are also committed to promoting gender diversity within our workforce and are working towards achieving a 50% target for female representation. Currently, female employees constitute 43% of our workforce,” he said.

The bank has also implemented a comprehensive training program on sexual harassment for all employees, demonstrating the commitment to fostering a safe and a respectful workplace.

Meanwhile, during the period, total assets closed at ZWG 3.5 billion, down from ZWG 3.9 billion for the comparative period attributable to a reduction in value of some of the investment properties.

Activity in the banking book during the first half of the year was hampered by the volatile environment in the first quarter of the year.

The bank subsequently raised new funding from a number of funders, part of which has since been disbursed including US$ 10 million from British International Investments. This new funding will propel growth in the second half of the year.

During the period, operating income was ZWG 688 million compared to ZWG 1.14 billion for the comparative period.