ZimNow Reporter
A shocking new report by the Auditor General has uncovered serious mismanagement at the Zimbabwe Women’s Microfinance Bank, where a graduate trainee was left overseeing critical financial controls for six months ,highlighting deep-rooted governance failures at the state-owned institution.
The bank recorded a staggering loss of ZWG122.5 million in 2024, nearly double its losses from the previous year. The report paints a picture of an institution in disarray, with internal audit responsibilities meant to guard against fraud and financial missteps delegated to an intern working under an "overburdened" head of risk.
This understaffed risk and audit function failed to effectively oversee operations as the bank’s financial health crumbled.
The situation was further compounded by the institution operating below the statutory minimum capital threshold of US$5 million, a condition the Auditor General said casts “significant doubt” over the bank’s future viability.
The findings raise urgent concerns about accountability and oversight at the bank, which was established to improve access to finance for women but now finds itself battling for survival.
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