Almot Maqolo, Staff Writer 
EMPOWER Bank says it will increase its foreign currency income generation going forward, despite recording the first six months of 2023 as the most difficult operating period in its five-year operating history.
The state-owned lender was launched in July 2018 with the primary mandate of funding marginalised youths who fail to get capital from commercial lenders.
“The sharp depreciation of the local currency and constrained funding for the microbank made business growth difficult for the Youth Bank. Despite these challenges the Microfinance Bank managed to record some pockets of growth in some key business areas,” the bank’s chief executive, Shadreck Mhembere, said in a statement accompanying half-year results.
Authorities instituted a number of measures aimed at stabilising the exchange rate, which resulted in the slowing down of prices in the market.
If the currency liberalisation continues into the second half, Mhembere said it will help the microbank expand its portfolio of commercial businesses.
This comes as the bank sees some attractive business prospects as a result of the liberalisation of the currency.
“The Microfinance Bank earned a sizeable part of its revenue from non-interest income, which was buoyed by retail banking fees in response to increased transacting activities. Interest income contributed 45 percent of total revenue for the period,“
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