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    Friday, 28 September 2018

    19 new micro financiers registered this year

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    BEITBRIDGE - Some 19 micro financiers have been registered in the first half of this year, bringing the number of small scale institutions authorized to conduct business of providing loans to 194.
    The majority of the new players are according to a report published by The Reserve Bank of Zimbabwe based in Harare and Bulawayo.
    They were registered under section 13 of the Microfinance Act (chapter24:29).
    Zimbabwe Association of Microfinance Institutions (ZAMFI) executive director Godfrey Chitambo said the increase is an indication of growth of the industry.
    "If you have noticed there are 19 registered micro finance institutions that have joined from January to June this year, adding to the already existing 175. We have the appetite to do business, the money to do business is there what we want is that there be economic activities in all the areas," he said.
    He said 90% of already registered micro financiers are headquartered in Harare, 18% in Bulawayo, Masvingo has 7% and Mutare 5% percent and other small towns had least percentages.
    Chitambo blamed the high concentration of micro financiers in major towns to patterns of economic activities. He said micro financiers established their business where there are economic activities and money.
     "The concentration of business in major towns is because that is where there is money. We are aware that there should be financial inclusion but achievement of that is above that. Achievement of financial inclusion happens beyond us and we hope that the devolution that Government plans to introduce will spur economic activities throughout the country. When that happens you will micro financiers moving out to other parts of the country in response to the development," said Chitambo.
    ZAMFI executive director, Godfrey Chitambo has said that awards for members of his organization are going to be held at the Rainbow Towers in Harare on December 5, 2018.
    He said that there were nine different awards to be won with a tenth one being for a journalist who excels in the coverage of activities and issues to do with microfinanciers.
    The objective of the awards is to promote excellence in the sector.
    The list of the awards is as follows

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