EFTCorp and EmpowerBank Limited have partnered to augment the digital financial landscape in Zimbabwe for young individuals.
Source: EFTCorp and EmpowerBank to improve Zimbabwe’s digital environment
Through this collaboration with EFTCorp, EmpowerBank is expanding its reach and impact by implementing digital solutions that enable entrepreneurship, foster financial resilience, and optimise long-term economic inclusion.
EFTCorp delivers scalable digital infrastructure and customised banking technologies, allowing institutions such as EmpowerBank to effectively and securely assist underserved and often excluded communities.
Zimbabwe’s financial landscape for youth
With over 60% of the population under 25 and women who remain underserved by traditional banking, access to financial services becomes essential and can have positive effects.
One of EmpowerBank’s goals is to offer youth-friendly loan products, financial training, and entrepreneurship programmes. Moreover, the bank works to reduce youth unemployment, fights against substance abuse, and improves financial literacy levels across Zimbabwe.
EmpowerBank’s latest initiatives
EmpowerBank has a portfolio with programmes tailored to consumers’ needs:
- Microloans for youth entrepreneurs – EmpowerBank has disbursed various loans, focusing on youth-led agriculture, services, and retail businesses. Moreover, the microbank accepts bankable business proposals from all sectors of the economy to enable business diversity and offers access to mentorship and training;
- Women in Business initiative – dedicated programmes supporting young women entrepreneurs in sectors such as manufacturing, food processing, and cross-border trading;
- Youth financial literacy campaigns through radio programmes, roadshows, and school-based activations, with EmpowerBank highlighting awareness of saving, budgeting, and mobile banking tools to support long-term economic wellbeing.
More about the EFTCorp and EmpowerBank partnership
As technology has become essential to financial inclusion, EFTCorp provides the core banking infrastructure that supports EmpowerBank’s ability to deliver secure, scalable, and accessible services:
- Transaction switching services, as EFTCorp’s secure switching platform enables real-time transaction routing, ATM and POS functionality, and mobile money interoperability;
- Card issuing and management, with EmpowerBank customers being able to access debit cards issued via EFTCorp’s issuing platform, which provides them with secure and convenient access to their funds;
- Acquiring solutions, as EFTCorp’s acquiring capabilities enable EmpowerBank to support merchant payments and improve access to digital commerce. With Verifone-supplied POS devices, merchants in informal markets can now accept card payments, reduce reliance on cash, and formalise their transactions.
Through this partnership, the two firms aim to create an optimal financial future for young people by investing in inclusive technology, strategic alliances, and customer-centric financial tools.
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