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Young entrepreneurs in Zimbabwe continue to face limited access to capital, digital tools, and financial inclusion, stifling their ability to grow sustainable businesses in a digital-first economy.
Financial technology firm EFT Corporation (EFTCorp) has partnered with EmpowerBank, a state-backed youth-focused microfinance institution, to accelerate digital empowerment and build financial resilience among Zimbabwe’s young entrepreneurs.
“Access to digital financial services is no longer a luxury, it’s a necessity. This partnership will equip youth-led businesses with tools to thrive in a modern economy,” said Farai Tigere, Managing Director of EFTCorp Zimbabwe.
By Ruvarashe Gora
EmpowerBank, launched in 2018 to serve youth aged 18–35, has disbursed over US$1.2 million in collateral-free loans across sectors like agriculture and manufacturing. The new partnership with EFTCorp will integrate advanced digital payment systems such as mobile point-of-sale (mPOS) and e-commerce platforms into youth businesses to enhance efficiency and competitiveness.
Christopher Mwerenga, Acting CEO at EmpowerBank said Zimbabwe’s youth need more than funding, they need digital systems that allow them to operate formally, track revenue, and access new markets.
“Most of our clients are informal traders who struggle to scale because they lack digital payment systems. With EFTCorp, we are helping them transition into formal players in the economy,” he said.
According to the Ministry of Finance, loans to Micro, Small, and Medium Enterprises (MSMEs) rose from 3.87% to 7.55% of total bank loans in the past year, with financial inclusion efforts driving the change. Loans to women also saw a jump from 4.48% to 9.86% over the same period, underscoring the demand for inclusive, tech-enabled banking.
This partnership reflects a broader push toward inclusive digital finance in Zimbabwe’s Vision 2030 goals. EFTCorp’s African-wide expertise and EmpowerBank’s grassroots outreach offer a model for sustainable economic inclusion.
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