Ethel Mupambwa grew up in the rural area of Nembudziya, Gokwe in Zimbabwe’s Midlands province, before completing a finance degree and setting up MoneyMart in 2014. MoneyMart is a flexible loan company that helps individuals and households acquire affordable solar options. She is passionate about assisting women to gain access to funding and achieve financial independence.
With AECF’s support, MoneyMart Finance’s goal is to reach 43,919 off-the-grid households and 1,676 micro-enterprises with more affordable solar options by 2023.
To date, women make up 70% of MMF’s customer base, and 694 women-headed households have benefitted from the MMF solar loan programme. The company is also an equal opportunities exemplar; 41% of MMF’s employees are women, of whom 55% are in managerial positions. The enterprise has seven branches, through which it serves its clients.
Through MoneyMart, clients can apply for loans that have a tenure of up to 12 months, and repayments can be made in a daily or weekly or monthly basis. The organisation has also assured all clients that they will continue to work with them to restructure their loans, a move that has been well received by the beneficiaries.
In June 2020, Ethel Mupambwa was announced as one of the laureates from Zimbabwe by WIA54-2020, Women in Africa Initiative. She was also listed among the top 50 finalists of the Jack Ma Foundation’s “Africa Business Heroes” competition in July 2020.
“The women who we serve and the stories that they share, especially about the independence that they now have as a result of financial literacy, are my source of inspiration.” – Ethel Mupambwa, Founder & CEO, MoneyMart Finance