Mnangagwa Launches Empower Bank, 7 Months After Grace Opened It

President Emmerson Mnangagwa yesterday launched the youth Empower Bank. The bank was first opened by former first lady Grace Mugabe seven months ago although it did not have a banking licence then. Grace’s daughter, Bona Mugabe was initially part of the board for the Empower Bank which was named in May 2017.  In his speech, President Emmerson Mnangagwa did not mention the bank’s past history. Mnangagwa urged youths to pay back the loans instead.

I, thus, urge Zimbabweans to inculcate a culture of savings and that of rewarding depositors through payment of interest as this will go a long way in building confidence and ultimately enhancing the stability of the financial sector…In the past, you have borrowed money, but have not paid back. This time around, things have changed. You have to pay back.

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