RBZ registers 19 new micro-finance firms

The RBZ deployed the FIU to restore sanity to the market, resulting in the arrest and prosecution of illegal money changers, currency saboteurs, and non-compliant businesses—including retailers, pharmacies, and law firms. Offenders faced convictions, warnings, fines, and frozen bank accounts until they complied with regulations.

Natasha Chamba, Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) registered 19 new micro-finance institutions between January and June this year, bringing the total number of licensed operators to 194.

“This brings the number of institutions authorised to conduct business of providing loans in terms of the Micro-finance Act [Chapter 24:29] to 194 as at 30 June 2018,” said the apex bank in statement.

The registrar of micro-financiers at the bank indicated that 18 of the new registered firms were from Harare and only one from Masvingo.

Commenting, micro-finance expert and managing director of MoB Capital Limited, Mr Morris Mpala, said the increase in number of registered companies was a good thing as it increases competition.

“The number of the institutions registered under the Act is quite good as competition in the market will be increased, which then helps small businesses to get loans,” he said.

“With this large number, loans will be easily accessible even to people in marginalised sectors hence alleviating poverty in the country.

“To develop, money should be funded into the society so business ideas can grow and there can also be better standards of living so the increase in institutions registered will go a long way in helping the society.”

Among the new entrants is State owned Empower Bank Limited, which is the only deposit taking institution while five are credit only micro-finance institutions. These are Taeddy Capital Investments Pvt Limited, Loanstar Pvt Limited, Mula Microfinance Pvt Limited, Premier Service Microfinance Pvt Limited and Gealcs Pvt Limited.

The remaining 13 are money lending institutions only. These include Adeur Financial Services Pvt Limited, Axafin Pvt Limited, Mirtenwall Investments Pvt Limited, Appointed Restoration Finance Pvt Limited, Microventure Africa Pvt Limited and Yebo Financial Solutions Pvt Limited. Also included are Crown Wealth Investments Pvt Limited, Trutop Investments Pvt Limited, Boldfunds Financial Solutions Pvt Limited, Tilate Investments Pvt Limited, Quick Access Pvt Limited and Raysun Capital Pvt Limited.

Only Funamel Investments Pvt Limited is from Masvingo. — @queentauruszw.