“We are making headway in our plans for the women’s bank,” she told more than 300 business women gathered in Harare.
Muchena was speaking to women who had gathered to launch the Women Trust Fund, which proposes to earn about US$1 million by the end of this year in interest and US$3 million three years from now.
It is being operated by CBZ Holdings Limited (CBZ) and women need a minimum of US$100 to take part in it.
The occasion, a lavish dinner, was graced by Reserve Bank of Zimbabwe (RBZ) Governor, Dr Gideon Gono, as well as the Vice President, Joyce Mujuru, who both said they supported the idea of a female only commercial bank.
Zimbabwe currently has more than 10 commercial banks but women say they are not receiving loans for projects.
They claim that they are being asked to produce collatoral at a time when their homes are under their husband’s names.
“Most of us do not have or own property so the bank will go a long way in addressing some of our problems we are currently facing,” Muchena told the excited women.