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The Reserve Bank of Zimbabwe yesterday extended, yet again, the curatorship for trouble money lender, Lion Microfinance, to the end of this month.
The financial institution was placed under curatorship of the Deposit Protection Corporation (DPC) on July 26 last year due to under-capitalisation and weak governance issues.
The DPC in turn then appointed Mr Ngoni Kudenga of BDO Tax and Advisory Services to manage the curatorship process.
Continued extension signals challenges faced in the recovery process for the micro-finance institution after the DPC last year said it was focused on restoring the firm’s operations “in the shortest possible time”.
“Notice is hereby given that the curatorship of Lion Microfinance has been extended by a further period up to July 31, 2020,” the central bank said.
“The Reserve Bank of Zimbabwe has similarly extended the appointment of the curator, the Deposit Protection Corporation accordingly.”
Curatorships are generally triggered by concerns about the management or financial viability of the bank. — New Ziana.
Online Reporter