CABS launches women-focused account to widen access to banking
Staff Writer
HARARE – CABS has launched HerNest, a new transactional and savings account designed for women and women-owned businesses, in a move aimed at closing financial inclusion gaps and expanding access to formal banking services.
The launch comes at a time when Zimbabwe’s financial sector is under pressure to develop products that better serve women entrepreneurs, many of whom remain excluded from mainstream banking and credit facilities despite their growing role in the economy.
Speaking at the launch in Harare, CABS chief finance officer Valerie Muyambo said HerNest was developed in response to clear gaps identified through the bank’s engagement with women across the country.
“Tonight is more than a product launch. It is a celebration of strength, resilience and the limitless potential of women,” Muyambo said.
She said CABS, working with partners including the African Development Bank and the SME Support Centre, had trained more than 1,000 women entrepreneurs in 22 districts, with one key issue consistently emerging — limited access to suitable financial services.
“One thing became clear. The ambition is there. The resilience is there. What has been missing is access to financial solutions designed with women in mind,” she said.
According to Muyambo, only about 30% of Zimbabwe’s micro and small enterprises are banked, while just 1% have accessed credit from formal financial institutions, underscoring the need for targeted interventions.
“That is why today, we are introducing a deliberate solution,” she said.
HerNest allows women earning below US$500 to open an account using only a national ID and passport photo, lowering entry barriers for low-income earners and informal sector participants.
The product also offers no monthly service fees for customers maintaining an average balance of US$200, competitive savings interest and full digital banking access.
CABS said future enhancements to the account will include access to personal and business loans, potentially improving women’s ability to invest, expand operations and build financial resilience.
Afra Faith Zishiri said the product was shaped by extensive consultations with women entrepreneurs and professionals.
“Women told us they need simplicity, flexibility, and support that grows with them. They told us that access matters more than pricing,” she said.
“Tonight, we introduce a solution inspired by women, designed for women, and created to support you in your daily life.”
CABS head of business banking Tapiwa Rukara said the bank viewed the product as part of a broader strategy to support inclusive economic participation.
“HerNest stands as a true celebration of women and a recognition of the invaluable role women play in our shared economic journey,” he said.
“Women are ready. They are engaged. And they are looking for financial partners who understand their reality.”
The launch reflects growing recognition within Zimbabwe’s banking sector that tailored products, simplified account opening requirements and better credit pathways are critical to unlocking the full potential of women-led enterprises.
