EFTCorp and EmpowerBank to optimise digital landscape in Zimbabwe
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.
© Copyright The Zimbabwean. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
4 hours ago
- Zawya
Former Namibian Mines and Energy Minister Tom Alweendo to Speak at African Energy Week (AEW) 2025 as Country's Offshore Oil Boom Accelerates
Tom Alweendo, Former Minister of Mines and Energy, Namibia will participate as a speaker at this year's African Energy Week (AEW): Invest in African Energies 2025, taking place in Cape Town from September 29 to October 3. Alweendo – who led Namibia's Ministry of Mines and Energy from 2018 until March 2025 – recently launched Alvenco Advisory, a strategic consultancy aimed at assisting investors in navigating Namibia's political, fiscal, legal and environmental regimes. The firm offers tailored advisory services covering policy and regulatory compliance, alignment with national development priorities, and stakeholder engagement at both community and government levels. By leveraging Alweendo's extensive ministerial experience and network, Alvenco Advisory aims to facilitate responsible investment that unlocks value, drive industrial participation and supports Namibia's long-term socioeconomic objectives. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. Namibia's offshore oil and gas sector is experiencing unprecedented growth, marked by a series of world-class discoveries and heightened exploration activity. The most recent milestone came in April this year, when the Capricornus 1-X exploration well in offshore Block 2914A delivered a successful light oil discovery. Operated by Rhino Resources alongside partners Azule Energy, Namcor and Korres Investments, the well encountered 38m of high-quality net pay, flowed over 11,000 barrels of oil per day (bpd) during testing and confirmed the presence of a commercially viable light oil system. Capricornus 1-X mirrors the characteristics of the nearby Venus and Graff discoveries, reinforcing the Orange Basin's position as a globally significant petroleum province. The African Energy Chamber (AEC) – as the voice of the African energy sector – recently commended the PEL85 joint venture partners for delivering one of Namibia's most significant oil discoveries to date, noting its potential to catalyze further investment, fast-track appraisal drilling and accelerate development initiatives. Drilling momentum is set to remain strong throughout 2025, with seven wells planned this year alone. These include Marula-1X by TotalEnergies and a second PEL85 well planned by Rhino Resources, as well as the Kharas prospect within BW Energy's Kudu license. Additional prospects at Olympe and Saturn have also been identified, signaling continued confidence from major international operators. Namibia's Ministry of Mines and Energy has confirmed new licensing opportunities in 2025 under an open licensing regime, spanning deepwater, ultra-deepwater and shallow-water environments. The country's Petroleum Commission has emphasized the government's commitment to attracting fresh investment while ensuring discoveries are fast-tracked to first oil and deliver tangible benefits to the national economy. Beyond exploration, development planning is advancing on two of Namibia's largest finds. TotalEnergies' Venus project in Block 2913B is targeting a 2026 final investment decision and ap planned 150,000-bpd FPSO facility. Galp is progressing appraisal of its Mopane discovery, supported by 3,500km 2 of newly acquired high-density seismic data. 'Tom Alweendo's leadership and deep understanding of Namibia's energy landscape come at a pivotal moment for the country's resource development. His insights will be invaluable in guiding discussions on how to translate world-class discoveries into sustainable economic growth and long-term benefits for all Namibians,' states NJ Ayuk, Executive Chairman, African Energy Chamber. Namibia's emergence as one of the world's most promising oil frontiers – underpinned by a stable regulatory environment, competitive licensing terms and a strong governance framework – positions the country as a leading destination for global upstream investment. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
5 hours ago
- Zawya
Libya's Minister of Oil and Gas Joins Cape Town Energy Event as Latest Bid Round Piques Global Interest
Dr. Khalifa Abdulsadek, Minister of Oil and Gas of Libya, has joined this year's African Energy Week (AEW): Invest in African Energies conference as a speaker. This year's event will host a dedicated Invest in Libyan Oil&Gas Summit – highlighting Libya's push to open up its sector for foreign investment. With Libya's latest licensing round drawing interest from over 40 prospective applicants - including leading energy operators - the country is on track to meet its ambitious goal of producing two million barrels per day (bpd) Minister Abdulsadek's participation comes as Libya opens up the sector for foreign investment, with its latest licensing round piquing the interest of over 40 prospective applicants. With leading energy operators announcing that they are competing in the round, Libya is well-positioned to meet its goals of two million barrels per day (bpd). Libya launched its 2025 licensing round in March as part of its 25-year strategy to add 8 billion barrels of crude oil to its proven reserves. The licensing round offers 22 exploration blocks – 11 onshore and 11 offshore – with contracts set to be signed by the end of 2025. Featuring newly-selected blocks based on geological viability and proximity to existing infrastructure, the licensing round represents a compelling opportunity for investors seeking early returns, given the blocks lower entry costs and quicker development timelines. Multinational energy corporation Chevron and integrated multi-energy company TotalEnergies have both announced that they are competing in the round, alongside energy majors ExxonMobil and Eni. Currently producing 1.4 million bpd, Libya's latest licensing round is expected to play an instrumental part in enhancing national output. To support a transparent and streamlined bidding process, the country's National Oil Corporation (NOC) introduced a dedicated online platform for managing the bid round. The platform offers secure, confidential access to technical, legal and financial data. The bid openings and announcement of successful applicants will take place on November 15, 2025, while the contract signings will take place between November 22-30. This clear and structured timeframe has boosted investor confidence in the sector. Further enhancing confidence, Libya has introduced the fifth generation of its Exploration and Production Sharing Agreement (EPSA V). The agreement is a modernized contractual framework designed to attract international oil companies with more competitive fiscal terms, thereby transitioning the country from a concession-based system to state-partnered agreements. The EPSA V balances investor appeal with national interest, offering companies greater predictability and a stronger return on investment. These developments come as Libya sees renewed interest by foreign operators in its oil and gas opportunities. ExxonMobil, for example, returned to the country after a decade-long hiatus, signing an MoU to carry out a technical study evaluating the hydrocarbon potential of four offshore blocks. The geological and geophysical surveys will be conducted along Libya's northwest coast and within the Sirte Basin. Shell and bp entered into agreements with Libya's NOC in July 2025 to carry out studies on hydrocarbon exploration and production at three oilfields in the country. Under the agreement with bp, the company will explore redevelopment opportunities at the Mature Darir and Messla oilfields. bp will also pursue exploration prospects in nearby areas. Meanwhile, the agreement with Shell will see the company conduct a detailed feasibility study for the development of the al-Atshan oilfield and other fields fully owned by the NOC. Beyond greenfield opportunities, Libya is working to revitalize production at legacy assets. Notably, companies to the likes of Waha Oil Company and Mellitah Oil&Gas are breathing new life into mature assets, using advanced technology, well stimulation programs and upgrades to gathering systems and processing facilities. In the infrastructure space, the country is making significant strides towards modernizing projects with a view to bolster exports and reclaim its place as a major global supplier. Key projects include the Structures A&E development led by Eni. The project will transport gas from two offshore fields to the Mellitah complex for processing, with offshore drilling commencing in 2025. Other projects include the Sabratha Compression project and the Bouri Gas Utilization Project. During AEW: Invest in African Energies 2025, Minister Abdulsadek is expected to share further insight into the impact these projects play in Libya. His participation will facilitate new collaborations, support production growth and accelerate development across strategic basins. 'Libya is rapidly positioning itself as a major global supplier, targeting two million bpd through fresh investment in greenfield and brownfield block opportunities. This ambitious strategy has already begun to yield positive results, with a host of foreign operators committing to investing,' states NJ Ayuk, Executive Chairman, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber. About African Energy Week (AEW): AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event.
Zawya
9 hours ago
- Zawya
Digital Connect Infrastructure & Telecom (DCIT) Chairman Abiola Lukman Lawal becomes Board Member of African Energy Chamber
The African Energy Chamber (AEC) ( the voice of the African energy sector, is proud to announce that Abiola Lukman Lawal, Chairman, Digital Connect Infrastructure&Telecom (DCIT), has been appointed as the newest Board Member of the Chamber. A seasoned executive with over three decades of experience in the oil and gas, infrastructure, telecoms and aviation sectors, Lawal's appointment reaffirms the Chamber's commitment to uniting visionary leaders to drive Africa's energy and infrastructure transformation. Lawal's appointment to the AEC Board follows a major milestone for DCIT, which recently partnered with U.S.-based Vanu Inc. to launch solar-powered mobile network sites in underserved Nigerian communities. This collaboration leverages Vanu's low-power, off-grid systems and DCIT's infrastructure capabilities to deploy scalable, renewable energy-driven connectivity solutions. With proof-of-concept sites now live, plans are underway for expansion across Nigeria and into other African markets – signaling a major leap in energy-tech convergence on the continent. Prior to his leadership at DCIT, Lawal served as Managing Director and CEO of Eterna PLC, where he spearheaded one of Nigeria's most significant downstream energy turnarounds. Under his leadership, Eterna joined a consortium that delivered Nigeria's largest airside aviation fuel depot – the Joint User Hydrant Installation 2 – at Lagos' Murtala Muhammed International Airport. The 15-million-liter capacity facility now stands as a key asset in West Africa's aviation infrastructure. Further accomplishments under his tenure include restoring Eterna to profitability in FY 2024 after a N12 billion loss in 2023; projecting 27% revenue growth; achieving a 166% increase in operating profit in H1 2024; and driving a 117% year-to-date rise in share price – placing Eterna among the Nigerian Exchange's top-performing stocks. Lawal also championed significant investments in LPG and CNG, enabling long-term resilience and diversification in volatile market conditions. Recognized as one of BusinessDay's Top 25 CEOs in Nigeria for 2024, Lawal's strategic leadership continues to bridge traditional and emerging energy sectors. His prior roles include Deputy Managing Director and CFO at Eroton Exploration&Production, Executive Director at Oando Gas&Power and Group Chief Strategy Officer at Oando Plc – where he played a pivotal role in the company's downstream-to-upstream expansion strategy. 'The African Energy Industry is honored to welcome Abiola Lukman Lawal to our Board of Directors. He knows how to turnaround companies with his vary data driven and pragmatic leadership approach. His ability to connect infrastructure development, energy innovation and commercial strategy across both the public and private sectors makes him an invaluable addition to our leadership. Lawal's appointment comes at a critical time as we accelerate investment, technology deployment and inclusive growth across Africa's energy value chain,' states NJ Ayuk, Executive Chairman, AEC. As a Board Member, Lawal will support the Chamber's mission to foster a results-oriented business environment and promote private sector-led energy development across Africa. His leadership will be instrumental in driving cross-border collaboration, advancing infrastructure-led growth and helping to make energy poverty history across the continent. Distributed by APO Group on behalf of African Energy Chamber.
