Stanbic launches Evolve Account to bank informal women traders

Stanbic Bank Zimbabwe has launched the Evolve Account, a new banking product targeting young women in the informal sector, in a move aimed at boosting financial inclusion for vendors, bakers, tailors, caterers, hairdressers, poultry farmers and cross-border traders.

The bank said the account, launched in partnership with Plan International Zimbabwe, goes beyond basic banking to offer financial literacy, business and digital skills training, vocational development, market linkages and networking opportunities.

“The Stanbic Bank Evolve Account [is] designed for young women in Zimbabwe’s informal sector, from vendors and bakers to tailors, caterers, hairdressers, poultry farmers, cross-border traders and other entrepreneurs,” the bank said in a post on its X handle.

“Through our partnership with Plan International Zimbabwe, women can access financial literacy, business and digital skills training, vocational development, market linkages and networking opportunities to help them take the next step in their journey.”

Zimbabwe’s informal sector is estimated to employ over 80percent of the working population, with women making up a significant share of traders and small-scale entrepreneurs.

Access to formal financial services has historically been limited for this segment, with many relying on cash and informal savings groups.

Stanbic’s Evolve Account adds to a growing push by Zimbabwean banks to tap into the informal economy through tailored products and financial literacy programmes.

The partnership with Plan International Zimbabwe, a development organisation focused on children’s rights and gender equality, signals a development-oriented approach rather than purely commercial banking.