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Women’s Bank Warns against Fraudsters

The newly launched Zimbabwe Women’s Micro Finance Bank (ZWMB) has warned the public against falling victim to fraudsters allegedly masquerading as agents of the financial institution and fleecing people of their money.

Addressing the media in Harare yesterday, ZWMB Chief Executive Officer, Mandas Marikanda confirmed receiving reports of people purporting to be representatives of the bank and making people pay five dollars to open a bank account which they claim will later be deposited with $100.

“We understand that there are some people going around purportedly representing the women’s bank, we are not so sure the police and ministry are helping us to substantiate the facts,

“Needless to say, when you hear just a rumor it’s important that you address so that there is no woman, no family that is taken advantage of in any way. The people are said to be asking you to open an account for five dollars and promise to give you $100 in your accounts,


“We understand there are people who have been moving around with a vehicle somewhere in Dema in Chitungwiza, we are not sure if it is nationwide but we just wanted to continue to dialogue and talk to the women of Zimbabwe that this is how the bank operates,” said Marikanda.

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She emphasized that when opening an account one does not pay an officer any kind of cash, urging women to be on high alert.

“When a woman fills in a form to open an account, she does not give any officer their money whether its cash, Ecocash or Telecash,

“When they have filled the forms they are given back to the bank. When the bank has done the necessary vetting and assessment a message will be sent to your phone number which gives you indications that this is your account number. Only at that particular point is a person expected deposit into their account and activate it by paying five dollars minimum via Ecocash, Telecash or one wallet,” she explained.


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