The Reserve Bank of Zimbabwe (RBZ) says it has discovered corporate governance and risk management weaknesses the Zimbabwe Women’s Microfinance Bank Limited after conducting an onsite examination of the financial institution.
Corporate governance weaknesses include issues such as the presence of weak or ineffective internal audits, lack of required skills by managers, lack of proper disclosures, and non-compliance with standards.
In a statement issued on Friday, 6 January, the central bank said the concerned bank’s board and shareholders have since initiated processes and measures to address the deficiencies. Reads the statement:
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 its ongoing 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.
The main mandate of Zimbabwe Women’s Microfinance Bank Limited is to facilitate financial inclusion and economic empowerment of women.
The Government of Zimbabwe as a 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.
In other news – Actress Danai Gurira ranked number 21 among top 100 reputable Africans
United States-based Zimbabwean actress, playwright, and producer, Danai Gurira, is among the women named in the top 100 most reputable Africans by Reputation Poll International.
Danai was ranked number 21, while another Zimbabwean, Honorary Counsel for Zimbabwe in Scotland, Lydia Heather Mudhari, is ranked number 52. Zimbabwe’s Finance and Economic Development Minister, Professor Mthuli Ncube is also on the list. The list features individuals from diverse sectors, including governance, human rights, education, entertainment, and business. Learn More
