Sundaymail Editor
Online Reporter
Diversified financial services firm Old Mutual Zimbabwe says it has secured a €15 million facility that will go towards the country’s productive sectors.
Addressing the company’s analysts briefing on Monday, chief executive officer Mr Samuel Matsekete said:
“We finalised agreements with the European Investment Bank (EIB) for a €15 million facility that will be used to extend foreign currency lending to productive sectors of the economy.”
The €15 million facility is expected to provide a huge boost for local industry, which has been struggling to access affordable finance for running costs and retooling.
The group has been implementing what it terms “supporting and accessing growth opportunities”, through which a number of initiatives have been carried out, including, expanding access to money transfer agencies, providing its customers with international payments services through the group’s correspondent banking relationships.
Over the six months to June 2021, Old Mutual also opened its first funeral parlour in Bulawayo and commenced offering services to customers in that city and surrounding areas; it also scaled up its microfinance business scaled, leveraging on merchant partnerships to grow its loan book.
Online Reporter