Two months after her father, Robert was pushed out of power, the Empower Bank whose board of Directors include former, Bona Mugabe, has been declared illegal.
The development is set to see some of the directors removed.
A cabinet minister says the highly celebrated launching last year was illegal. The bank was opened in a flashy ceremony that saw Bona being suddenly catapulted to the board.
Empower Bank was launched without an operating licence; the state media has established that it is not even registered with the Reserve Bank Of Zimbabwe at present.
Authorities are now regularising documentation to facilitate its opening, The Sunday Mail reports.
It is reported that the bank’s board will now be re-examined, with those who do not meet appointment criteria facing the boot.
Women and Youth Affairs Minister Sithembiso Nyoni told The Sunday Mail, “Empower Bank, when I looked at it, was not really ready for launch. I (discovered) that it was not registered with the Reserve Bank of Zimbabwe. You can’t launch an unregistered bank.
“I think they launched anticipating approval would be swift. But (the bank was launched) without registration; that’s all I’m saying. So, we can’t really call it a bank. Banks have to be approved by the RBZ and then get a banking certificate.
“Empower Bank still has a lot to do; that’s why we haven’t included it in our 100-day plan. The bank will be launched and start operating as soon as relevant processes are taken care of, for instance, making sure the board is balanced and complying with banking regulations.
“Regarding the board; we are yet to look at their CVs as read against the mandate of the bank. If the board members meet all criteria, they will continue as they are.”
An RBZ official who preferred anonymity said Empower Bank was yet to secure relevant approvals.
“In line with the licensing framework and Micro Finance Act (Chapter 24:29), the Reserve Bank of Zimbabwe considered the application for a deposit-taking micro finance licence for Empower Bank Limited. A deposit-taking micro finance licence will be issued once all the licensing requirements have been satisfied,” said the official.
“A pre-opening inspection will be conducted to assess the institution’s readiness to open doors to the public. The institution will open doors to the public upon authorisation by the Reserve Bank of Zimbabwe.”
Then First Lady Mrs Grace Mugabe launched Empower Bank in October 2017, saying it was capitalised to the tune of US$2,5 million.
The bank will finance youth enterprises.
In 2017, the Zanu-PF Youth League said Government should look into reports that the G40 cabal wanted to fund its divisive and criminal agenda via the micro-financier.
Minister Nyoni said of this: “We haven’t gone into it yet to see who has benefited from what and how they benefited. That’s why I am taking my time before I launch it; to make sure I am launching something that is credible and transparent.”
I don’t see anything wrong with that especially becoz indigenization benefitted the Zhuwaos, kasukuweres, matibilis, chatunga and grace mugabe. Let the foreigners who have capacity come in and fit in, it’s up to us to live on pay checks or offer meaningful input into possible partnerships that will allow us a share of the cake. This is what South Africa did.
you people like Mbofana you are driving away the opposition, thus rendering Zanupf victory on a silver plate. You are saying the fifth brigade was pursuing ‘a small group of dissidents’, what do you really mean? You mean that small a group was ruthless dissidents and was not able to kill? So the government should have waited till there were how many dissidents before reacting? How many schools did the dissidents close, and did it really matter whether they were 10, two or one when they killed farmers? Do you remember the lethal dissidents Gwesela and Gayigusu? Look, whereas most of what you said is relevant, you spoil everything by appearing to give tacit support to the dissidents of the time. And you are really pushing political support to Munangagwa. Most of Zimbabweans no longer have choice but to vote for Mungagwa. Look at what Chamisa, Mudzuri and Khupe are doing against each other? Just a bunch of confused individuals aiming at self-aggrandisement. No one among the three wants to be led by the other, and Khupe has turned to be a regionalist if not worse. So even if Zanu was/is bad, at least Munangawa seeems to have rescued us from Mugabe and is talking about change for the better. Very few people are willing to experiment their lives with Chamisa, given his brazen power hunger. Just imagine if Chamisa was Mugabe, do you think he would have been willing to resign without bllod-shed – just think. And you think he is the person to trust our country with, No. Maybe Nkosana Moyo, but then he too thinks he cleverer than everybody else. We are stuck.
YOU SOUND G40 MY BROTHER
Tell us more, where do you get all this from? Imbecile…
The current regime is not only treacherous but dangerous hence their approach to reverse the Indegenization Act. If you are Zimbabwean you risk your assets looted and labelled a criminal. The new dispensation will see Zimbabweans being discriminated and put at the bottom of the queue against foreigners
Someone knew that they could open the bank without registering it because of the connections and hence that is why it needs to be investigated by ZACC and not Mrs. Nyoni before of even thinking of re-launching it
WHY NOT CALL IT ROBBERS AND MUGGERS PVT LTD!!
With Njanike akambonyudza rimwe bank at the helm …
This bank was going to be used as a conduit to siphon government money to finance Grace’s lavish lifestyle!