ZAMFI board meets RBZ Governor

photographer and not in the picture: Mr Brian Zimunhu, ZMF MD

The ZAMFI board chairman Mr Saul Chin’anga accompanied by some of his board members paid a courtesy call on the RBZ Governor this morning. The Governor’s immediate comments, among others were:

  • The microfinance sector is a very important sector in that some of the people in the remotest areas benefit through MFIs but certainly MFIs can and should do better
  • He implored DTMFIs to take deposits in rural areas as lack of their presence is stifling ZIG roll out
  • He indicated that MFIs should reduce competing for urban clients and /or civil servants but can think of new innovative products e.g. NSSA pensioners
  • The Governor also noted that whilst he is not a fan of interest rate caps there was need for responsible lending because invariably the poorest end up paying the most due to exorbitant cost of loans
  • But overall, the Governor commended ZAMFI and the sector for a job well done in financial inclusion and encouraged ZAMFI to do more so that Zimbabwe attends the envisioned upper middle-class status
  • He also took note of the sterling work which the Zimbabwe Microfinance Fund (ZMF) was doing in providing loans for the microfinance sector

Photographer and not in the picture: Mr Brian Zimunhu, ZMF MD

ZAMFI board meets RBZ Governor

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