Latest news with #EFTCorp
Zawya
14-07-2025
- Business
- Zawya
EFTCorp and EmpowerBank to optimise digital landscape in Zimbabwe
EFTCorp delivers scalable digital infrastructure and customised banking technologies, allowing institutions such as EmpowerBank to effectively and securely assist underserved and often excluded communities. 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. (
Zawya
21-05-2025
- Business
- Zawya
Digital empowerment takes root in Zimbabwe with EFTCorp and EmpowerBank Limited
Building an ecosystem of empowerment that supports youth entrepreneurship and microbusinesses through digital financial solutions In a country where more than 60% of the population is under the age of 25 and women remain underserved by formal banking, access to financial services can be a life-changing enabler. EmpowerBank Limited, Zimbabwe's youth-focused microfinance institution, is meeting that need head on by building a future where young people, including women, are equipped with the financial tools, knowledge, and support they need to succeed. Through its strategic partnership with EFT Corporation (EFTCorp), EmpowerBank is expanding its reach and deepening its impact by embracing digital solutions that enable entrepreneurship, foster financial resilience, and accelerate long-term economic inclusion at the grassroots. By providing scalable digital infrastructure and tailored banking technologies, EFTCorp enables institutions like EmpowerBank to serve underserved and often excluded communities more efficiently and securely. Together, the two organisations are creating an ecosystem of empowerment – where technology meets purpose, and where the youth and women can thrive as entrepreneurs, earners, and agents of change. A platform for empowerment EmpowerBank's core mandate is youth economic empowerment and financial inclusion – by offering youth-friendly loan products, financial literacy training, and entrepreneurship programmes, EmpowerBank is helping to reduce youth unemployment, fight against drug and substance abuse and improving financial literacy levels across Zimbabwe. 'We see access to finance as a tool for empowerment,' says Christopher Mwerenga, Acting Chief Executive Officer at EmpowerBank. 'When we support a young entrepreneur or a youth-led microbusiness, we're not just supporting an individual, we're helping build community-level resilience and sustainable livelihoods.' EFTCorp complements this mission by providing the robust payment systems that underpin financial access. 'Financial inclusion at scale requires reliable banking infrastructure – not just at the branch, but in the palm of your hand,' says Farai Tigere, Managing Director – Zimbabwe at EFTCorp. 'We're proud to be a technology partner to EmpowerBank as they continue to support financial empowerment from the grassroots up.' EmpowerBank's recent programmes include: Microloans for youth entrepreneurs EmpowerBank has disbursed various loans since its launch, with a strong focus on youth-led businesses in agriculture, services, and retail. However, the Youth Microbank accept bankable business proposals from all sectors of the economy to enable business diversity and innovation amongst youths. These loans provide not only financial capital but also 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 have enabled hundreds of women to build credit histories, scale their businesses, and enter the formal economy. Youth financial literacy campaigns Through radio programmes, roadshows, and school-based activations, EmpowerBank is driving awareness of savings, budgeting, and mobile banking tools that support long-term financial wellbeing. 'Our customers are at the heart of everything we do,' adds Mwerenga. 'We've seen firsthand how access to finance and knowledge can transform lives, especially for young people who have traditionally been excluded from formal banking.' The role of technology Technology is essential to financial inclusion – and for EmpowerBank, digital transformation means meeting customers where they are: mobile-first and often in low-connectivity environments. EFTCorp provides core banking infrastructure that underpins EmpowerBank's ability to deliver secure, scalable, and accessible services: Transaction switching services: EFTCorp's secure switching platform enables real-time transaction routing, ATM and POS functionality, and mobile money interoperability – critical for expanding EmpowerBank's reach to rural customers and merchant partners. Card issuing and management: EmpowerBank customers can access debit cards issued via EFTCorp's issuing platform, giving them secure and convenient access to their funds. Acquiring solutions: 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. Power in partnership EmpowerBank's grassroots development efforts and EFTCorp's payment infrastructure expertise reflect the kind of public-private partnership that is essential for advancing financial inclusion in Africa. One empowers people, the other powers the systems behind it. 'Financial inclusion is not a one-size-fits-all model,' says Tigere. 'We understand the regional, regulatory, and customer nuances that define financial ecosystems in countries like Zimbabwe. Our role is to build the technology that enables inclusion at scale – from transaction switching and POS payments to digital issuing and mobile-first banking solutions that reach underserved customers.' By investing in inclusive technology, strategic partnerships, and customer-centred financial tools, organisations like EmpowerBank and EFTCorp are working hand-in-hand to build a more equitable financial future – where young people are not only included but empowered to lead. About EFT Corporation EFT Corporation is Africa's dominant payment solutions provider, enabling financial institutions with modern, tailored solutions that drive digital transformation and financial inclusion. With over 26 years of experience, EFTCorp is a trusted strategic partner to more than 100 financial institutions across 14 African countries, offering secure and scalable transaction switching, payment processing, issuing, acquiring, and comprehensive Banking as a Service (BaaS) capabilities. Backed by Development Partners International (DPI), one of Africa's leading private equity investment firms, EFTCorp is well-positioned to scale across emerging markets and deliver future-ready solutions that meet the evolving needs of banks, fintechs, and ecosystem players. Collaborating with leading global technology providers and guided by a clear strategic focus on growth and regional impact, EFTCorp is driving digital transformation, financial inclusion and the future of payments across Africa. Copyright © 2022 - All materials can be used freely, indicating the origin Provided by SyndiGate Media Inc. ( Africa Business
