The registrar of microfinanciers of the Reserve Bank of Zimbabwe (RBZ), the country’s central banking authority, recently registered four additional microfinance institutions (MFIs) – Nurture Finance, Junior Marima, Gryton Capital and Realty Microfinance – bringing the total number of registered MFIs in Zimbabwe to 164.
According to RBZ’s 2016 monetary policy statement, the country’s registered MFIs report total aggregate loans of USD 173 million as of September 2015, a 14.2-percent increase from the previous year, and average active loans per MFI of USD 1.18 million, up from USD 1.12 million the previous year. The average loan amount per borrower increased from USD 589 to USD 773, though the number of MFI clients declined from 220,357 to 198,378 during the same period.
By Michelle Dold, Research Associate
About Reserve Bank of Zimbabwe (RBZ)
The Reserve Bank of Zimbabwe (RBZ), founded in 1956 as the Bank of Rhodesia and Nyasaland, is Zimbabwe’s central banking authority. It is responsible for the formulation and implementation of monetary policy and supervises the country’s financial sector, including commercial banks and other financial institutions. As of 2016, John Mangudya is the Acting Governor of the institution. The World Bank reports that Zimbabwe holds total reserves of USD 340 million as of 2015. This figure includes “holdings of monetary gold, special drawing rights, reserves of IMF members held by the IMF, and holdings of foreign exchange”.
Sources and Additional Information:
[1] NewsDay: “RBZ registers 4 new MFIs for 2016 Q2”
[2] MicroCapital Universe Profile: Reserve Bank of Zimbabwe (RBZ)
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