My job is a calling to serve – Marikanda

Banker Mandas Marikanda says it has been an honour and privilege  to be the founding CEO of the Zimbabwe Women’s Microfinance Bank (ZWMB), one of its kind in the Sadc region.

She has been at the helm since 2017 and says the experience has been very satisfying “especially being part of something new that makes a difference in many people’s lives”.

“I believe this is a genuine Government of Zimbabwe gesture of commitment to transforming lives  and reducing poverty. It is not just a job but a calling to serve people,” the banker told Business Times.

The executive, who has amassed over 20 years of experience in microfinance and MSMEs says that experience has come in handy in her current job.

“Microfinance is simply appropriate banking with the marginalised which has a developmental focus. It is specialised banking where the institution makes its money as it also assists the marginalised make their money and come of out of poverty. It fosters in inclusion of everyone into banking,” the banker said.

“The majority of the clients that we deal with are individuals  who have a business idea that they would like to grow into a full business. Banking with individuals, micro, small and medium enterprises requires that you understand their needs, the challenges at each stage and how to assist them grow.”

Her journey was not plain sailing but she took comfort in the notion that life was a journey with a lot of lessons from all the positive and the negatives one encounters. Each stage in human growth comes with challenges and puzzles to be solved, she said.

“I believe in reviewing life hurdles and experiences with a thankful heart that say what happened was not meant to hurt but rather propel me further on,” the executive said.

Her journey to be a leader of the bank has been covered with the grace of God, she said.

“I am so grateful that my life has been hidden in Christ at a tender age and have learnt that God has a plan for my life. I have been inspired by the word of God a lot and learnt a lot from characters like Joseph and David,” the banker said.

She believes one needs someone to hold you to make it to the top and that one also needs to be given a chance.

“You need to have someone who believes in you, renders support and encouragement. The boardroom must be a professional space where a person can flourish despite being a man or a woman. I have been blessed to enjoy a lot of this support along my journey,” Marikanda said, adding the experience could be painful if these ingredients are missing.

“I have experienced the agony of facing ‘position-abusing’ people and had, on three separate occasions, walked away from job offers that I loved as they threatened and contravened my morals. In some,  I hung around and fought for my space.

“I grew up with strong morals and knew no one could force me into something I do not want. I was never one neither am I now one to take abuse quietly and expect someone else to fight for me later. Stop the abuse once you see it!”

Her life, the executive said, was about “ fulfilling my calling and role on earth” rather than about competing or racing against someone.

“Comparatives often bring disgruntlement and lack of appreciation of what you have. Once you have God driving your life, everything works for good. There are events that may look like your fortunes have reversed or you have lost out but I have found that at times the reverse helps to propel you even higher,” said the executive with over a dozen awards of excellence.

She had enrolled for a degree in Rural and Urban Planning and had no intentions of going into banking as she assumed the programme to be for Business Studies students.

However, the programme offered Marikanda a wide scope of studies that exposed her to economics, research work that was development-related.

“One of the biggest areas of concern was how poverty was impacting lives and possible solutions available pointed to NGO development work and Microfinance. I later on did my Master and then my PHD with a developmental finance focus,” the banker said.

She said banks have been facing a shrinking market while the informal sector has been mushrooming with unique needs that needed banking services.

Working in the microfinance sector and banking sector to address these needs with appropriate products and services in a moral way has seen over the years the financial sector led by the central bank working on promoting financial inclusion, she said.

On the challenges facing women and entrepreneurs in Zimbabwe, the executive said no one was schooled to run an SME or to start one. However, business opportunities arise that one realise they can tap into and effectively make a living out of it, she said.

The challenge that most women and SMES face then is  to balance the growth of the enterprise to formalisation and managing it effectively, the banker said.

“Some good business ideas lose their flair and flavour once they are registered and often the charismatic owner lacks business acumen required. Such training requires investment which the owner may not be prepared to do,” Marikanda said, calling for continuous improvement in the financial sector to identify the gaps and support MSMEs in their growth.

She said the Zimbabwe Women’s Microfinance Bank has its potential clientele across the provinces of Zimbabwe with most of them being in rural areas.  It has a branch network across all the 10 provinces that are supported by both physical and mobile agents. In 2022, the bank will expand into all districts to ensure that the women have access to financial services, the executive said.

She said the bank has and is embracing all technology, innovations and creativity that can help women with access to financial services.

The executive said the Covid-19 negatively impacted on the bank and its clients performance.

“The majority of the bank’s clientele were not essential services and were impacted negatively by the lock down with some of the projects folding up, others struggled to function and repay their loans,” she said.

Marikanda sees the ZWMB as a catalyst for economic growth as it focuses on individuals and households with products, initiatives and value chains that ensure one moves from living under US$1 a day to over US$10 a day.

“Such kind of initiatives are what stirs real economic growth which when combined with the national growth strategies move citizens to upper middle class economy,” the executive said.

She described herself as a committed and passionate developmental banker with a strong belief that household tackling of poverty has longer lasting impact if meaningful investment is done.

“Dr. Marikanda is also a sibling to the family where she was born, a proud and devoted wife to one husband Mr. Marikanda, a mother to biological and many other children, is a Christian believer and member of vibrant fellowship. She is also a mentor, a coach and leader in many spheres,” the executive said.

A member of few development – focused organisations as well as committees and organisations that focus on transformation, her philosophy is value people “because they are people not because of what they will offer you”.

“Let everyone do their work in excellency through planning and execution and Let God do His work of manifesting His kingdom through your work,” the development banker said.

She derives her inspiration from the Bible.

“The Word of God  contains the infallible promises that are available for His children. It is the greatest privilege to be called his child. It is liberating to know that he loves to give us the best there is,” the banker said.

She is an amateur golfer, part of the Africa living legends, a member of women’s clubs, leadership and mentoring, among others.

The Bible makes her daily reading menu so are Christian books on life, leadership and success.  She also loves reading  books on making money sustainably.

Marikanda said the glass ceiling has been completely shattered for the girl child.

“It is important that we encourage the girl child to know that they are a child before they are a girl. That way she can question why not and do whatever she dreams to do without any limitation,” the executive said.

Her family is literally everyone: it consists of immediate family, siblings and their families, the families we come from,  friends and brethren from God’s family.

For a rural girl whose dream is to occupy a senior position in the banking sector, the banker said it can be done.

“#Zvinoitaizvo! Embrace your background, work hard and aim to succeed. No status if permanent especially poverty. The best way out of poverty is to have your own money. Very few women escape poverty through marriage so don’t be a statistic,” she said.