N K OF

B A ZI

M
E
S E RV

BA
B WE
RE
MICROFINANCE
2018

ANNUAL REPORT

MICROFINANCE ALIVE IN COMMUNITIES – IMPACTING

LIVES
TABLE OF CONTENTS

GOVERNOR’S FOREWORD .................................................................................... 4

DIRECTOR’S FOREWORD....................................................................................... 7

CHAPTER 1: OVERVIEW OF MACROECONOMIC ENVIRONMENT ............... 10

CHAPTER 2: DEVELOPMENTS IN THE MICROFINANCE SECTOR .................. 15

CHAPTER 3: PERFORMANCE OF THE MICROFINANCE SECTOR ................... 25

CHAPTER 4 OUTLOOK ...................................................................................... 38

APPENDICES.......................................................................................................... 40

APPENDIX 1: FUNCTION AND ORGANIZATION OF BANK SUPERVISION

DIVISION ................................................................................................................. 40

APPENDIX 2: SUPERVISORY METHODLOGIES FOR THE MICROFINANCE .... 42

REGISTERED MICROFINANCE INSTITUTIONS AS AT 31 DECEMBER 2018 .... 44

2
MISSION STATEMENT
Vision

To be a transformative and responsive Central Bank.

Mission

To safeguard the stability and safety of the Zimbabwean financial system and to promote
inclusive growth.

Values
Trust
Integrity
Passion
Transparency
Accountability
Efficiency
Creativity

3
GOVERNOR’S FOREWORD

1. The World Bank (2019) estimates that about 25% of the world population lives
on less than $3.20 per day and in this regard, eradication of poverty has been
one of the top priorities in the majority of countries that have signed up to the
attainment of the United Nations Sustainable Development Goals (SDGs),
Zimbabwe included.
2. Economic growth is strongly correlated with poverty alleviation, and access to
financial services has been identified as a key enabler to sustainable economic
growth in developing countries and emerging economies.
3. Globally microfinance has been identified as a poverty reduction tool and a
strategy for sustainable economic growth which can play a transformational role
in the lives of the poor and marginalised groups through access to finance.
4. Adoption of mobile technology and digital financial services has facilitated the
building of inclusive financial systems that have provided a platform for the low
income economically active groups to participate in economic activities and
improve their standard of living.
5. In order to develop the microfinance sector and enhance its prominence as a
poverty alleviation tool, different countries have adopted or put in place well-
structured microfinance development strategies in line with their overall national
economic development agenda, and microfinance success stories have been
birthed out of these initiatives.
6. The main challenge, particularly for developing countries with large rural
populace, has been the creation of sustainable financial systems and institutions
that contribute to poverty alleviation and economic growth on a sustainable basis.

4
7. Through provision of financial services to the unbanked and marginalised
segments of the population, microfinance institutions continue to reinforce its
importance in the financial inclusion agenda in Zimbabwe. The sector is also
playing a key role in the broader national economic agenda, through building a
broad-based inclusive economy for Zimbabwe to achieve the 2030 SDGs and
become an upper middle income country by 2030.
8. A few microfinance institutions have capitalised on technology to increase their
rural operations and facilitate access to finance by the poor rural households at
a time when market pressures have driven a number of banking institutions to
close their rural operations.
9. Adoption of mobile technology by microfinance institutions in Zimbabwe will
enable the microfinance institutions to mitigate cash carrying risks, improve
operational efficiency and increase the breadth and depth of their outreach,
particularly into the remote rural areas.
10. It is however, noted that the microfinance sector is still lagging behind in terms of
adopting international best practice in such areas as Social Performance
Management, which seek to, among other things, build sustainable, socially
responsible microfinance institutions.
11. Further, lack of long-term sustainable funding continues to militate against
increased depth and breadth of microfinance outreach. The short tenor of the
operating licences and uncertainty about continuity of operations has contributed
significantly to driving away potential investors from the microfinance industry.
12. Cognisant of the importance of long-term funding to the sustainability of the
microfinance sector, the Reserve Bank has been working in collaboration with
the Ministry of Finance and Economic Development to facilitate amendments to
the Microfinance Act through the Microfinance Amendment Bill. The Bill seeks
among others, to provide for perpetual licences for microfinance institutions and
enhance corporate governance and risk management within the microfinance
sector.
13. During the review period, the Reserve Bank continued to encourage and facilitate
strategic partnerships between microfinance institutions, mobile network
operators and banking institutions in order to increase access to finance by the
low income and marginalised groups through agency banking. In this regard, a

5
 number of microfinance institutions have adopted innovative ways of providing
financial products to the underbanked groups.
14. As part of efforts to strengthen the role of microfinance in the economy and their
contribution to the national economic agenda, the Reserve Bank has been
facilitating capacity building of microfinance institutions on risk management,
corporate governance and compliance, among others.
15. Microfinance institutions have also been incorporated into the credit registry so
as to enhance their credit risk assessments. There is, however, still need for
microfinance institutions to prime their systems and to re-orient credit practices
in order to take full advantage of the credit registry.
16. The mantra “Zimbabwe is Open for Business”, provides an opportune
environment in which the microfinance sector can be catapulted to the next level.
Some of the winning strategies for the sector include adoption of the Social
Performance Management, development of appropriate pro-client products &
services, aggressive capacity building, ability to “think-outside-the-box”, remodel
business strategies, and increased adoption of fintech.
17. In line with the overall national economic development agenda, plans are
underway for Reserve Bank of Zimbabwe, in collaboration with other key
stakeholders, to develop a comprehensive Microfinance Development Strategy
to guide development of the sector in Zimbabwe.
18. Let me take this opportunity to express my gratitude towards all the microfinance
stakeholders who have been working tirelessly to ensure the development of a
more viable and sustainable microfinance sector that will contribute meaningfully
to the national economic development agenda.

Dr. J. P. Mangudya
Governor

6
DIRECTOR’S FOREWORD

1. The microfinance sector continued to play a significant catalytic role in the

financial inclusion agenda and the attainment of the Sustainable Development
Goals (SDGs).
2. The microfinance sector continued on a growth trajectory during the period under
review. Positive growth was recorded in outreach, loan portfolio size, equity
funding, and deposit mobilisation.
3. Total number of operational microfinance institutions increased by 12.02% from
183 as at 31 December 2017, to 205 at 31 December 2018 comprising of 199
credit only microfinance institutions and six (6) deposit-taking microfinance
institutions.
4. During the year, the Reserve Bank licensed EmpowerBank Limited, a
Government owned deposit-taking microfinance institution focusing on serving
the youth and other marginalised segments of the population. Zimbabwe
Women’s Microfinance Bank Limited (licensed in 2017) and EmpowerBank
Limited commenced operations in 2018.
5. The sector continues to face funding challenges as the majority of the
microfinance institutions lack anchor institutional investors and have to rely on
the limited owners’ funds, which are insufficient to underwrite meaningful
microfinance business.
6. The Reserve Bank continues to encourage consolidation within the sector in
order to come up with stronger, well-funded and more sustainable microfinance
institutions.
7. Over the year, the sector continued to make inroads in the financial inclusion
space with the sector registering a 7.88% increase in the number of active clients
from 323,826 as at 31 December 2017, to 349,341 as at 31 December 2018.

7
 Microfinance institutions continued to provide access to the marginalised women
with the sector registering an increase in the number of active female borrowers
over the year from 115,690 as at 31 December 2017, to 161.023 as at 31
December 2018.
8. As part of the cost cutting measures to ensure viability and sustainability, as well
as offer innovative microfinance products, a number of microfinance institutions
have adopted digital finance to facilitate access to finance by the low income
groups especially the rural population.
9. Total loans for the sector increased by 52.68% from $254.04 million as at 31
December 2017, to $387.87 million as at 31 December 2018. The credit-only
microfinance institutions are slowly scaling up their lending activities as reflected
by the increase in their market share of sector loans from 75.59% of the industry’s
aggregate loans as at 31 December 2017, to 78.24% as at 31 December 2018.
10. The microfinance sector continued to make inroads in providing access to
finance to the micro, small and medium enterprises as evidenced by the increase
in loans to the productive sector of $275.95 million accounting for 71.14% of the
total sector loans of $387.87 million as at 31 December 2018.
11. Portfolio quality for the sector deteriorated as reflected by the portfolio at risk
(PAR) (>30) of 10.51% as at 31 December 2018 against 7.34% in December
2017. The deterioration was largely attributed to loan repayment challenges
against the background of inflationary pressures and declining disposable
incomes.
12. The microfinance sector recorded a net profit of $16.62 million for the period
ended 31 December 2018, representing a 23.34% decline from $21.68 million
recorded for the period ended 31 December 2017. The sector remained
operationally self-sufficient with an operational self-sufficient ratio of 153.11% for
period ended 31 December 2018, up from 135.80% for comparative period in
2017.
13. The deposit-taking microfinance institutions sub-sector registered significant
growth in deposits, with total deposits of $23.85 million as at 31 December 2018,
up from $6.41 million as at 31 December 2017.
14. In an endeavor to promote a culture of compliance in the sector, the Reserve
Bank conducted three (3) induction workshops for newly licensed microfinance
institutions covering regulatory and compliance issues, submission of statistical

8
 and financial data to the Reserve Bank, and the licence renewal process, among
others.
15. The Reserve Bank is indebted to all the microfinance stakeholders including the
microfinance institutions, the industry association and the development partners
for working tirelessly to facilitate the development of an inclusive and sustainable
microfinance industry which contributes meaningfully to economic development.

N. Mataruka
Director, Bank Supervision Department

9
 CHAPTER 1: OVERVIEW OF MACROECONOMIC ENVIRONMENT

Global Macroeconomic Developments

1.1 According to the World Bank Global Economic Prospects (2019), the global economy is
estimated to have grown by 3.7% in 2018 on the back of tightened financing conditions,
and elevated trade tensions among the major global economic players, in particular the
United States of America and China.
1.2 Emerging markets and developing economies (EMDEs) registered an estimated growth
of 4.2% in 2018, down from 4.3% in 2017. The slower growth rate largely reflected
tightening financing conditions, weakening capital inflows, declining demand for
commodities, and heightened policy uncertainties.
1.3 Sub-Saharan Africa (SSA) is estimated to have registered a growth rate of 2.7% in
2018, representing a marginal increase from the 2.6% recorded in 2017 on the back of
tightening access to foreign direct investment and weakening commodity prices. The
marginal growth was largely driven by the sluggish growth of the major SSA economies
such as Angola, Nigeria and South Africa.
1.4 However, the growth in SSA could be moderated by unexpected sharp decline in
commodity prices on the back of tightening global financial conditions and escalating
trade tensions between China and the USA. Further, tighter financing conditions are
expected to continue stalling growth of the micro, small and medium enterprises with
significant impact on overall GDP growth in SSA, as capital inflows into the region
continue to decline.
1.5 The World Bank (2019) estimates that about 25% of the world population lives on less
than $3.20 per day. Per capita growth in Sub-Saharan Africa, where nearly half of the
extreme poor live, was below 1% in 2018. In 2019, the per capita growth in Sub-Sharan
Africa is expected to remain subdued around 0.9%, which is grossly insufficient to
facilitate meaningful impact on poverty alleviation.
1.6 The average economic growth for Sub-Saharan African economies is indicated in the
figure below.

10
 Figure1: Average Economic Growth for Sub-Saharan Africa

Percent 2000-17 average

6
4
2
0
-2

Sub-Saharan Africa Angola, Nigeria, and South SSA excl. Angola, Nigeria,
Africa and South Africa

World Bank (2019)

1.7 Going forward, the global growth is expected to tilt downwards as trade tensions
between the USA and China continue to escalate, in addition to anticipated risks
associated with the Brexit uncertainties. The global economic growth is expected to
moderate downwards from the estimated 3.0% in 2019, to 2.8% in 2020.
1.8 The projected gradual deceleration of global economic activity could be more severe
than currently expected given the predominance of substantial downside risks,
particularly for countries with large current account deficits financed by portfolio and
bank flows.
1.9 The rise in government and/or private sector debt in the majority of EMDEs, including
many low income countries over the last few years, reduces the fiscal room to respond
to any external shocks. This is expected to undermine the performance of microfinance
institutions since lower economic growth rates are associated with an increase in non-
performing loans (NPLs).
1.10 Global headline inflation is expected to moderate towards 1.8% in 2019 from

2.0% in 2018 on the back of low global economic growth.

1.11 The following table shows global economic growth developments for selected regions
and countries.

11
 Table 1: Global Economic Growth & Outlook (Real GDP)
2017 2018 (EST) 2019 (PROJ)
World Output 3.1 3.0 2.9
Advanced Economies 2.3 2.2 2.0
US 2.2 2.9 2.5
Euro Area 12.4 2.4 1.6
Japan 1.9 0.8 0.9
Emerging & Developing Economies 4.3 3.0 4.2
China 6.9 6.3 6.2
India 6.7 7.3 7.5
Sub-Saharan Africa 2.6 2.7 3.4
Zimbabwe
South Africa 1.3 0.7 1.9
Source: World Bank Global Outlook (January2019),

Domestic Macro-Economic Developments

1.12 The Zimbabwean economy was estimated to have grown by 4% in 2018, down from the
initial projected growth of 4.5%. The downward revision was largely underpinned by
slowdowns in mining and manufacturing sectors, against the background of a
challenging economic environment during the second half of 2018.

Figure 2: Real GDP Growth (%): 2009-2017 and 2018 Estimate

25

20

15

10

Source: Zimstat, Ministry of Finance and Economic Development and Reserve Bank of
Zimbabwe, 2018

12
1.13 Inflationary pressures rose during the second half of the year in the wake of increases
in both food and non-food inflation. The rise in inflation reflected, in the main; front-
loading of the anticipated impact of the 2% money transfer tax into cost and pricing
models by retailers, panic and speculative purchases, surge in parallel market
premiums, as well as shortages of various basic commodities.
1.14 As a consequence, annual inflation rose to 42.1% as at 31 December 2018. Generally,
high levels of inflation impact negatively on the ability of borrowers to service loans
advanced by financial institutions. Further, inflation may erode the profitability of
financial institution thereby curtailing their lending to the marginalised sections of the
population. Figure 3: Annual Inflation Profile (%)

45
40
35
30
25
20
15
10
5
0

Source: Zimstat, 2018

1.15 In the medium term, inflation pressures are expected to be mitigated by fiscal
consolidation measures espoused in the Transitional Stabilisation Plan and 2019
National Budget.

Global Developments in the Microfinance Sector

1.16 Microfinance institutions continued to play a key role in promoting the financial inclusion
of marginalised populations across the globe. It is estimated that in 2017, microfinance
institutions provided financial services to over 139 million low-income and underserved
clients with loans amounting to an estimated US$114 billion. Outreach to new
borrowers, however, slowed down largely due to increasingly challenging economic
environment over the last couple of years.
1.17 According to the 2018 Microfinance Barometer, Asian microfinance institutions
continued to lead in terms of global outreach, accounting for more than two thirds of

13
 global borrowers (60%).This is despite significantly slower growth in the region’s largest
market, India, due to the fallout from the November 2016 demonetisation decree.
1.18 In Africa, overall outreach to borrowers remained largely unchanged between 2016 and
2017. Several countries in West Africa, such as Benin, Senegal and Mali, experienced
single digit growth in borrowers. In East Africa, Kenyan microfinance institutions faced
a challenging environment due to an interest rate cap announcement that placed a
brake on lending which in turn translated to a contraction of the borrower base by over
18% during 2017.
1.19 Informality continued to dominate in most of the EMDEs particularly net commodity
exporters and agro-based economies on the back of policy inconsistences, declining
commodity prices, and declining global demand for primary commodities. A substantial
portion of economic activities in developing economies, takes place in the informal
sector, and availability of funding is key to the sector’s contribution to the overall national
agenda.
1.20 The informal sector accounts for about 70 percent of employment and 30 percent of
GDP in emerging market and developing economies. Microfinance institutions have
become the de facto financiers of economic activities in these developing economies.

Global Microfinance Outlook

1.21 Growth in informal micro, small and medium enterprises is expected to be on an upward
trajectory particularly in low income countries largely driven by tightened financing
requirements, challenging operating environment and policy inconsistencies.
1.22 The advent of technology is likely to force microfinance institutions globally, to re-visit
their business models in line with developments in the global arena, and the prevailing
operating environment.
1.23 In this regard, the challenging global operating environment will lead to microfinance
institutions positioning themselves to take advantage of an increasing digital user base
with mobile money. Microfinance institutions across the globe have adopted alternative
delivery channels to reach clients, ranging from agents to mobile phones. This trend is
expected to continue in the medium to long term.
1.24 On the backdrop of increased unemployment and informality, the microfinance sector
globally, is expected to play a significant role in economic growth through access to
finance by micro, small and medium enterprises which are considered key engines for
economic growth.

14
 CHAPTER 2: DEVELOPMENTS IN THE MICROFINANCE SECTOR
2.1 The chapter provides an update on the developments within the microfinance sector in
Zimbabwe including supervisory activities during the year ended 31 December 2018.

LICENSING OF MICROFINANCE INSTITUTIONS

2.2 The Reserve Bank of Zimbabwe facilitated licensing of new microfinance institutions
and renewal of licences for existing microfinance institutions. In addition to the renewal
of licences for existing microfinance institutions, the Reserve Bank registered a total of
47 new credit-only microfinance institutions and one deposit-taking microfinance
institution.
2.3 The sector continued to experience challenges in terms of submission of license
renewal applications on time as well as submission of adequate documentation to
facilitate timely renewal of licences. The Reserve addressed some of the challenges
through one-on-one engagements with the respective microfinance institutions and
through tailored capacity building workshops.

CAPACITY BUILDING FOR THE MICROFINANCE SECTOR

2.4 The Reserve Bank conducted a number of workshops for the sector which were aimed
at improving risk management and corporate governance practices, as well as
inculcate a culture of compliance within the sector.
2.5 A total of three (3) induction workshops
were held for newly licensed
microfinance institutions. The workshops
covered the following areas:

a) Licence renewal requirements and

process;
b) Regulatory framework and
compliance issues; and
c) Submission of MFI Quarterly Returns on the Bank Supervision Application
(BSA) Platform
2.6 The Reserve Bank and the World Bank jointly hosted the Agricultural Value Chain
Finance (AVCF) training for Microfinance Institutions (MFIs) and banking institutions,
from 15 to 17 October 2018.

15
 2.7 The main objective
of the training was to
explore ways of
strengthening the

microfinance sector’s
contribution in driving
agricultural growth and
increasing agricultural
export earnings,
through adoption of the
Agricultural Value Chain Workshop at Wild Gees Lodge October, 2018
value chain financing
model.

2.8 A total of 168 participants mainly microfinance institutions attended the training.
2.9 One of the main resolutions of the workshop was to seek ways in which government
can work with all value-chain participants and develop an appropriate legal and
regulatory framework to facilitate agricultural value-chain financing transactions.

MICROFINANCE WINTER
SCHOOL 2018
2.10 The Zimbabwe Association of
Microfinance Institutions
(ZAMFI) in collaboration with
the Zimbabwe Microfinance
Fund organized the 2018
Microfinance CEO Winter
School at Troutbeck Hotel,
Nyanga from 17 to 19 May
2018.

16
2.11 The Microfinance Winter School is an annual event which seeks to create a forum for
captains of the microfinance sector to share information on developments in the
microfinance industry and map a
way forward that promote
sustainable development of the
sector.
2.12 The 2018 Microfinance Winter
School which was held under the
theme “Aligning Microfinance to
Current Environment and
Emerging Trends”, was attended
T he
by over 100 participants from the
microfinance industry. Representatives from institutions of higher learning and fintech
companies which offer ICT solutions to the microfinance sector also attended the 2018
CEO Winter School.
2.13 The 2018 Microfinance Winter School made the following recommendations:

a) The adoption of the Social Performance Management Framework to facilitate

adequate evaluation of the impact of microfinance activities on the target market,
microfinance employees and the economy at large.
b) Adoption of the SMART standards on Core Client Protection Principles and
implementation of comprehensive self-assessments on compliance with the Core
Client Protection Principles.
c) Development of a comprehensive savings and credit cooperative societies
(SACCOs) regulatory framework to ensure that SACCOs managing member
savings beyond certain thresholds, are prudentially supervised. This is expected
to promote financial inclusion and financial stability.

17
 d) Development of a
comprehensive microfinance
development strategy to
facilitate development of a
sustainable financial system
for low income and the
marginalised groups, in line
with developments in the
global arena.
e) Provision of incentives
for microfinance institutions
that provide access to finance largely to the productive sector in order to
encourage lending directed at sustainable economic development.
f) Aggressive capacity building of the sector in order to equip the sector with the
requisite microfinance and business skills to build sustainable microfinance
institutions. To this end, the Reserve Bank and ZAMFI will continue holding
workshops and collaborating with institutions of higher learning in order to build
capacity in the sector.
g) Microfinance institutions to provide both positive and negative information to the
Credit Registry in order to prevent over-indebtedness of microfinance clients.
h) Establishment of an intergraded business platform for the youth entrepreneurs
which incorporates mentorship and training in both business management and
technical skills before they can access any funding, in order to facilitate inclusion
of the youth.

18
 SOCIAL PERFORMANCE MANAGEMENT FOR REGULATORS
2.14 As part of the on-going efforts to
build capacity in the regulation
and supervision of the
microfinance industry, the
Reserve Bank, in collaboration
with the World Bank conducted a
Social Performance
Management Training Workshop
for Regulators from 22 to 24
October 2018.

2.15 Social performance management is a principle-based commitment to transparency and

mission fulfilment for microfinance institutions which is expected to facilitate consumer
protection and development of customer-centric financial products and services
through balancing of financial and social objectives.
2.16 Social Performance Management will facilitate evaluation of the financial sustainability
and impact of microfinance on the
poor and marginalized, which in turn
is critical in informing policy
interventions for the sector.

2.17 The Social Performance Management Training for Regulators was the preparatory
stage towards the development and implementation of the Social Performance
Management Framework in 2019.

19
LEGAL DEVELOPMENTS
The Microfinance Bill, 2018
2.18 The Microfinance Bill, 2018 was published on 21 December 2018. The Bill will amend
the Microfinance Act [Chapter 24:30] to achieve the following objectives:

a) to provide for perpetual licences for deposit-taking microfinance institutions

and credit only MFIs, subject to cancellation in the same manner as
traditional banking institutions;

b) The Bill will amend the Microfinance Act to recognise only two institutions
in the microfinance sector, i.e. credit-only microfinance institutions and
deposit-taking microfinance institutions, in order to reduce confusion and
overlapping; and

c) to enhance corporate governance and risk management practices within

the microfinance sector.

THE MICROFINANCE CONFERENCE

2.19 As part of implementation of the Zimbabwe National Financial Inclusion Strategy
(NFIS), the Reserve Bank of Zimbabwe and the World Bank Group (WBG), jointly
hosted the Microfinance Conference from 1-2 November 2018, which was attended by
179 participants.

2.20 The theme of the conference was

Unlocking the Microfinance
Potential and Contribution
to Sustainable Economic

Development and the main

objective was to explore ways to
strengthen the microfinance sector’s
contribution to economic
development of Zimbabwe.

2.21 The conference highlighted the

importance of microfinance

20
 institutions and SACCOs in the development of sustainable financial systems for the
marginalised and underserved.
2.22 The conference also highlighted the importance of microfinance institutions investing
in human capital in order to enhance performance of the microfinance sector. The
adoption of the Social Performance Management Framework was considered an
important strategy to facilitate investment in human capital and building sustainable
microfinance institutions which are able to meet both their financial and social mission
objectives.

COMPLIANCE ISSUES
2.23 While microfinance institutions have generally complied with the governing regulatory
framework, the Reserve Bank continued to receive complaints from microfinance
clients in respect of over-deductions, high interest rates and disposal of collateral
without following due processes.
2.24 The Reserve Bank of Zimbabwe received a total of 17 complaints during the year ended
31 December 2018, a 64.58% decline from 48 complaints received during 2017.
2.25 Microfinance institutions are required to put in place comprehensive complaints
handling procedures to facilitate timely resolution of complaints lodged by the
microfinance clients. Resultantly, some microfinance institutions have been able to
resolve complaints at institutional level.
2.26 The nature of complaints received from microfinance customers as at 31 December
2018, is depicted in the pie chart below.

21
 Non-permissible
Figure 4: Number of
Activity, 1 Complaints
High Penalty
Charges, 2
High Interest Charge, 3 Defaulting in Re-
payments, 3

Disputed Amounts, 5 Disposal of Collateral

without Court Order, 3

2.27 The Reserve Bank urges microfinance institutions to adhere to the dictates of the Core
Client Protection Principles in order to better serve their clients.
2.28 The Reserve Bank also noted a re-surfacing of credit-only microfinance institutions that
are illegally taking deposits from members of the public in the form of debentures.
Appropriate supervisory action has been taken against concerned microfinance
institutions. The Reserve Bank continues to warn members of the public against placing
deposits with credit-only microfinance institutions which are not authorized to take
deposits, and when in doubt, members of the public are advised to seek clarity from
the Reserve Bank of Zimbabwe.
2.29 Some microfinance institutions continue to fail to submit licence renewal applications
within the stipulated time period of 60 days prior to the expiry of current licences.
Further, cases have been noted where adequate documentation has been submitted
to the Reserve Bank, which in turn hampers judicious licensing of microfinance
institutions.

22
THE MICROFINANCE DEVELOPMENT STRATEGY

2.30 Cognisant of the critical role of microfinance in the attainment of the Social
Development Goals and advancement of the financial inclusion agenda, the Reserve
Bank in collaboration with other microfinance stakeholders established a Microfinance
Development Committee in July 2018.
2.31 The Committee was mandated with the development of a comprehensive Microfinance
Development Strategy whose long-term goal is the development of sustainable
financial institutions to serve the low income and marginalised groups and
strengthening of the anchor status of microfinance in the National Financial Inclusion
agenda. The committee will feed into the Microfinance Advisory Council (MAC) which
was constituted under the National Microfinance Policy to spearhead development of
the microfinance sector at a national level.
2.32 The Microfinance Development Committee resolved to explore the possibility of a study
tour to Kenya, which is considered as one of the countries with a vibrant microfinance
sector in Sub-Saharan Africa, in terms of diversity of institutional forms, microfinance
delivery channels, and digital finance.

PARTICIPATION IN AFRACA ACTIVITIES

2.33 The Reserve Bank of Zimbabwe participated in the African Rural and Agricultural Credit
Association (AFRACA), activities during 2018. AFRACA, which was established in
1977, is a regional association of sub-Saharan Africa financial and non-financial
institutions involved in promoting rural and agricultural finance.
2.34 The main objective behind AFRACA’s activities is to improve the rural and agricultural
finance environment in Africa through the promotion of appropriate policy frameworks,
as well as support member institutions to provide sustainable quality financial services,
mainly to marginalized rural communities.
2.35 Zimbabwe was the Chair for the AFRACA Southern Africa Regional Committee
(SACRAT) since December 2017.

23
 MICROFINANCE EXCELLENCE AND APPRECIATION AWARDS

2.36 The Reserve Bank of Zimbabwe participated in the inaugural Microfinance Excellence
Awards ceremony hosted by the Zimbabwe Association of Microfinance Institutions on
14 December 2018.
2.37 The Awards ceremony presented an opportunity to showcase the work, commitment,
and effort by microfinance stakeholders in Zimbabwe to empower the low income and
the marginalised through provision of access to finance, and to reward those
institutions that have excelled in their efforts to reach out to the target market.
2.38 The awards represented excellency in various aspects of microfinance including;

a. the microfinance institution with the most exceptional service to the microfinance
sector;

b. the most client-focused and socially

responsible microfinance institution;

c. the most women-friendly

microfinance institution;

d. the most youth-friendly

microfinance institution; and

e. the most innovative and ICT user

MFI, among others.

24
 CHAPTER 3: PERFORMANCE OF THE MICROFINANCE SECTOR

OVERVIEW
3.1 In line with its mandate as a pillar of the National Financial Inclusion Strategy and a
driver of sustainable economic development, the microfinance sector continued to make
significant inroads in empowering the low income and marginalised groups through
provision of innovative financial products and other non-financial services such as
capacity building in business management and financial literacy.
3.2 The microfinance sector registered positive growth in terms of portfolio size, equity
funding, and outreach. The deposit-taking microfinance subsector registered an
improvement in deposit mobilization.
3.3 The Reserve Bank, in collaboration with other microfinance stakeholders, continued to
enhance risk management and compliance in microfinance institutions through
capacity-building platforms such as workshops and conferences.

ARCHITECTURE OF THE MICROFINANCE SECTOR

3.4 As at 31 December 2018, there were 205 microfinance institutions were operational as
indicated in the table below:
Table 2: Architecture of the Microfinance sector

Type of Institution 31 December 2017 31 December 2018

Credit-only Microfinance Institutions 178 199

Deposit-taking Microfinance Institutions 5 6

Total 183 205

3.5 In addition to renewal of licence for existing microfinance institutions, the Reserve Bank
licensed a total of 47 new credit-only microfinance institutions and one (1) deposit-taking
microfinance institution during the period under review.

THE PERFORMANCE OF THE MICROFINANCE SECTOR

3.6 This section provides an analysis of the performance of the microfinance sector in
Zimbabwe during the year ended 31 December 2018.
3.7 A summary of the key performance indicators is shown in the table below.

25
 Table 3: Key Performance Indicators, December 2017 and December 2018
Dec -17 Dec-18
Indicator

Number of Licenced Institutions 183 205

Total Loans (US$m) 254.04 387.87

Total Assets (US$m) 333.27 490.27

Total Equity (US$m) 135.66 197.85

Net Profit (US$m) 21.64 16.62

Average Operational Self-Sufficiency

(OSS) 135.80% 153.11%

Total Deposits (DTMFIs) (US$m) 6.41 23.85

Number of Savings Accounts (DTMFIs) 7,226 68,258

Portfolio at Risk (PaR>30 days) 7.34 10.51%

Number of Active Loan Clients 323,826 349,341

Number of Female Borrowers 115,690 161,023

Number of Outstanding Loans 415,979 393,219

Number of Branches 682 750

Microfinance Outreach
3.8 The sector registered a 9.97% increase in the number of branches over the year from
682 as at 31 December 2017 to 750 branches as at 31 December 2018. The
improvement was attributed to entry of newly licensed microfinance institutions into the
sector.
3.9 3.9 The trend in the number of microfinance institutions and their branch network is
shown in the figure below.

26
 Figure 5: Trend in Number of MFIs & Branches
800 750
682
700
639

600 571

500 473

400
334
300 278

205
182 183
200 146132 150 147 152
143
114 118
95106
100

0
Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18

No. of MFIs No. of Branches

3.10 The number of active clients increased by 7.88% from 323,826 as at 31 December 2017,
to 349,341 as at 31 December 2018.
3.11 In line with the financial inclusion thrust, active women borrowers registered a 39.18%
increase over the year from 115,690 as at 31 December 2017, to 161,023 as at 31
December 2018.
3.12 Female borrowers accounted for 40.95% of the total number of active clients and
accessed 29.11% ($112.93m) of the microfinance sector’s total loan portfolio of $387.87
million as at 31 December 2018. Female borrowers and their enterprises continued to
benefit from the Empowerment Facilities established to cater for marginalized and
underserved groups.
3.13 The trend in the number of active clients and female borrowers over the past five (5)
years is shown in the figure below.

27
 Figure 6: Trend in Active Clients

400,000
349,341
350,000 323,286
290,552
300,000

250,000
205,282 205,940
200,000
150,188
150,000
96,769 161,023
100,000 128,337
115,690
50,000 71,811
67,536
54,622
- 31,453
Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18

Total Number of Clients Number of Female Clients

3.14 The impending establishment of the Collateral Registry is expected to further improve
access to finance by women, the youth, and the micro, small and medium enterprises,
by facilitating the use of moveable assets as collateral.

Capital and Funding

3.15 The sector’s aggregate equity for the period ended 31 December 2018 was $197.85
million, representing a 45.84% increase from $135.66 million as at 31 December 2017.
The growth in the aggregate capital was largely attributed to capitalisation of retained
earnings by some microfinance institutions.
3.16 Lack of adequate funding continues to militate against the microfinance sector’s ability
to increase the depth and breadth of microfinance outreach. Potential investors have
been shying away from the sector largely due to the short term tenure of the operating
licences, as well as poor corporate governance and practices within the sector.
3.17 The Reserve Bank expects an improvement in access to funding by microfinance
institutions as a result of various capacity building initiatives focusing on corporate
governance, risk management and compliance, and the proposed amendments to the
regulatory framework which will change the licence tenure from one year to perpetual
licences. The amendments also seek to impose more stringent governance and risk
management requirements.

28
 Lending and Portfolio Quality
3.18 The microfinance sector recorded a 52.68% increase in total loans over the year from
$254.04 million as at 31 December 2017, to $387.87 million as at 31 December 2018,
largely driven by increased demand for loans by micro, small and medium enterprises
as well as low income households seeking to smoothen consumption, against
inflationary pressures obtaining in the economy.
3.19 The lending activity in the microfinance sector remained concentrated in a few
institutions, with the top 20 microfinance institutions commanding a total market share
of 85.50% of the sector’s aggregate loan portfolio of $387.87 million as at 31 December
2018.
3.20 The trend in the loan portfolio growth and the portfolio at risk (PaR˃30 days) ratio is
indicated in Figure 7 below.
Figure 7: MFI Industry Trends in Total Loans & PAR Ratio

$450.00 30.00%
$387.87
$400.00
25.20% 25.00%
$350.00

$300.00 20.00%
$254.04
$250.00 16.03% $206.28 15.00%
$187.16
$200.00 $164.20 $156.99
11.28% 10.72% 10.51%10.00%
$150.00
$95.00 8.34%
$100.00 7.34%
5.00%
$50.00

$0.00 0.00%
2012 2013 2014 2015 2016 2017 2018

Total Loans ($M) Benchmark PaR (5%) PaR (%)

3.21 Portfolio quality for the sector deteriorated over the year as reflected by the portfolio-at-
risk (PaR ˃30 days) ratio of 10.51% as at 31 December 2018, up from 7.34% as at 31
December 2017, against the international benchmark of 5%.
3.22 The heightened credit risk in the sector was largely driven by the challenging
macroeconomic environment characterized by rising inflation against income levels that
are not keeping pace with the rate of inflation.

29
 Microfinance Sector Distribution of Loans

3.23 In line with the broader national economic development agenda, the microfinance sector
continued to make inroads into providing access to finance to the productive sector, in
particular, the low income households and the micro, small and medium enterprises.

3.24 Loans to the productive sector of $275.95

million as at 31 December 2018, accounted
for 71.14% of the total sector loans, up from
54.18% as at 31 December 2017.

3.25 The trend in the loan distributions is indicated in the figure below.

Figure 8: Microfinance Portfolio Distribution

80.00%
73.39%
70.00% 71.14%

60.00%
53.30% 54.24% 54.18%
50.00%
46.70% 45.76% 45.82%
40.00%

30.00% 28.86%
26.61%
20.00%
14.96%
10.00%
2.28 5.00%
0.00% 1.41
1.40%% 2.21
2.32%% 2.35%% 0.40% 1.11%
Dec-14 Dec-15 Dec-16 Dec-17 Dec-18

Consumptive Productive Education Health

3.26 The microfinance sector continued to make significant progress in terms of providing
access to finance for education purposes as reflected by proportion of loans extended
for educational purposes, to total loans, which has been trending upwards over the past
five (5) years.

30
 Profitability
3.27 The microfinance sector registered an aggregate net profit of $16.62 million for the year
ended 31 December 2018, representing a 23.34% decline from $21.64 million reported
for the year ended 31 December 2017. The decline in profitability was largely attributed
to the losses recorded by some of the microfinance institutions on the back of high
operational costs.
3.28 The concerned microfinance institutions are in the process of instituting cost-
containment measures as well as put in place strategies to enhance their earnings
performance.
3.29 The trend in the profitability of the microfinance industry is depicted in the figure below.

Figure 9: Microfinance industry- Trends in Profitability

40.00%34.26% $30.00
32.33%
35.00%
$25.00
30.00% $21.64
$24.84
$19.31 $20.00
25.00% $22.04 $16.62
$14.61 $13.98
20.00% $12.88 $15.00
13.89%
15.00% 11.87% 8.60% $9.98
11.12% $9.07 14.19%
$10.00
12.32%
10.00% 12.25%
3.68% 8.10% 7.17%$5.00
5.00% 9.70% 5.25%
0.83% 3.96% 5.48%
5.92% 2.83% 2.63%
0.00% $0.00
2014 2015 Dec-16 Mar-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18

Net Profit ($M) ROA ROE

3.30 The return on assets (ROA) ratio for the industry increased to 7.17% for period ended
31 December 2018 up from 4.56% for period ended 31 December 2017. Return on
equity (ROE) ratio also improved from 5.32% for period ended 31 December 2017, to
14.19% for period ended 31 December 2018.
3.31 The microfinance sector generally remained sustainable as reflected by the operational
self-sufficiency ratio of 153.11% for period ended 31 December 2018 against the
international break-even benchmark of 100%.

31
 SUB-SECTORAL ANAYSIS

Deposit-taking Microfinance Sub-sector

3.32 As at 31 December 2018, six (6) deposit-taking microfinance institutions (DTMFI) were
operational.
3.33 The DTMFI sub-sector registered improvement in total assets, outreach and aggregate
capitalisation. The key performance indicators for the sub-sector are indicated in the
table below.
Table 4: Key Performance Indicators for DTMFI Sub-sector
Key Indicators Dec-17 Dec-18

Total Assets $88.36m $138.16m

Total Loans & Advances $62.02m $84.40m

Net Capital Base $39.20m $63.78m

Total Deposits $6.41m $23.85m

Net Profit $2.25m ($29,488.44)

Operating self-sufficiency ratio 126.30% 89.27%

Average Return on Assets (4.63%) (9.16%)

Average Return on Equity (3.61%) (8.40%)

Portfolio risk Ratio (> 30 days) 11.30% 13.51%

DTMFI Outreach
3.34 The DTMFI subsector recorded a 302% growth in the number of account holders from
6,441 in 2017 to 25,906 as at 31 December 2018.
3.35 Over the same period, the sub-sector registered a significant growth in outreach as
reflected by the growth in the number of saving accounts from 7,226 as at 31 December
2017, to 68,258 as at 31 December 2018, with one DTMFI commanding 63.09% of the
total number of accounts in the sub-sector.
3.36 The upward trajectory in terms of outreach in the sub-sector was largely attributed to
the business development and outreach strategies, including the requirement to open
an account and build up some savings as a condition for accessing loan facilities.

32
 Capital and Funding
3.37 The DTMFI sub-sector was capitalized to the tune of $62.26 million, representing a
74.15% increase over the year from $35.75 million as at 31 December 2017. The
increase in the capital levels was largely attributed to the capitalisation of retained
earnings by some DTMFIs during the period under review.
3.38 The trend in the capital position for the DTMFI sub-sector is shown in the figure below.
70
Figure 10: DTMFIs Capitalisation 62.26
60

50
39.28
40 35.75
32.89
30 26.18

20

10

0
31-DEC-16 30-JUN-17 31-DEC-17 30-JUN-18 31-DEC-18

3.39 All the deposit-taking microfinance institutions were compliant with the minimum capital
requirement of $5 million for DTMFIs with the exception of one (1) institution whose
weak capital position was largely attributed to losses emanating from high operating
costs.
3.40 As at 31 December 2019, the institution’s majority shareholders were working on
recapitalising the institution in order to comply with regulatory requirements and enable
it to underwrite more meaningful business.

Deposit Mobilization
3.41 The DTMFI sub-sector registered a 272.10% increase in aggregate deposits from $6.41
million as at 31 December 2017, to $23.85 million as at 31 December 2018. One
deposit-taking microfinance institution commanded 64.79% of the sub-sector’s total
deposits as at 31 December 2018.
3.42 The increase in deposits was driven by the aggressive deposit mobilisation drive
undertaken by the deposit-taking microfinance institutions in an effort to diversify their
funding bases.

33
 Lending and Portfolio Quality
3.43 The deposit-taking microfinance subsector with loans amounting to $84.40 million
commanded a market share of 21.76% of the total microfinance industry loan portfolio
of $387.87 million as at 31 December 2018.
3.44 The deposit-taking microfinance subsector registered a deterioration in asset quality
with a PaR (˃ 30 days) ratio of 13.05% as at 31 December 2018, compared to 11.30%
as at 31 December 2017, largely driven by delayed repayments in the corporate portfolio
of one DTMFI.

Profitability
3.45 The DTMFI sub-sector registered an aggregate net loss of $29,488 for period ended 31
December 2018, reflecting a deterioration over the year from a profit of $2.25 million
recorded for period ended 31 December 2017.
3.46 Aggregate losses of $5.15 million recorded by three (3) DTMFIs weighed down the sub-
sector’s profitability. Two of the DTMFIs recorded losses due to start-up cost as they
commenced operations during 2018. Losses by the third DTMFI were largely attributed
to high operational costs on the back of a challenging operating environment.
3.47 As a result of the losses the subsector reported negative return on assets and return on
equity of 9.16% and 8.40%, respectively, for the year ended 31 December 2018, with
an operating expense ratio (OER) of 217.45% for the same period ended.
3.48 The DTMFI subsector recorded a deterioration in the OSS ratio over the year from
126.30% for period ended 31 December 2017, to 89.27% for period ended 31 December
2018, against the international breakeven point of 100%, reflecting that the sub-sector
was not sustainable over the review period.
3.49 Microfinance institutions normally take at least five (5) years from start-up to breakeven,
and it is expected that the DTMFI sub-sector will breakeven in the long run.

Credit-only Microfinance Institutions Sub-Sector

3.50 The credit-only microfinance sub-sector recorded an improvement over the year in
terms of outreach, capitalisation, and loan portfolio size.
3.51 The key performance indicators for the credit-only microfinance institutions subsector
are indicated in the table below.

34
 Table 5: Credit-only Microfinance Sub-sector- Key Performance Indicators

Indicator Dec-17 Mar-18 June-18 Sep -18 Dec-18

Number of Licensed Institutions
178 185 190 194 199

Total Loans ($m) 197.92 211.15 227.18 272.13 303.47

Total Assets ($m) 251.27 269.85 313,30 335.33 352.06

Total Equity ($m) 94.28 103.10 97.88 126.04 134.17

Net Profit ($m) 19.57 6.06 10.64 11.27 16.65

Average Operational SelfSufficiency
136.92 129.25% 134.15% 114.80% 154.09%
(OSS)
Number of Active Loan Clients 252,015 252,148 238,746 278,583 302,284
Number of Female Borrowers 96,855 95,867 92,855 147,649 123,504
Number of Outstanding Loans 342,258 266,391 259,903 312,680 345,916
Number of Branches 776 653 625 755 721

Credit-only Microfinance Outreach

3.52 As at 31 December 2018, a total of 199 credit-only microfinance institutions were
operational. The credit-only subsector had a total of 721 branches. The total number of
active clients for the credit-only microfinance institutions subsector as at 31 December
2018 was 302,284, representing 86.52% of the total microfinance sector active clients
of 349,341 for the same period.
3.53 The subsector registered a 27.51% increase in the number of active female borrowers
over the year from 96,855 as at 31 December 2017, to 123,504 as at 31 December
2018.

Capital & Funding in the Credit-only Microfinance Sub-sector

3.54 The credit-only microfinance subsector’s aggregate equity of $134.17 million as at 31
December 2018 represented a 42.31% increase from $94.28 million as at 31 December
2017, largely driven by capitalisation of retained earnings by some creditonly
microfinance institutions over the year.
3.55 As at 31 December 2018, a total of nine (9) credit-only microfinance institutions were
non-compliant with the minimum capital requirement of $20,000 for credit-only

35
 microfinance institutions. The non-compliant institutions were directed to regularize their
capital positions in order to comply with the regulatory requirements.
3.56 The Reserve Bank notes that lack of long-term sustainable funding continues to militate
against increased depth and breadth of microfinance outreach. The situation is
exacerbated by the short tenure of the operating licences which does not provide
potential investors with confidence on continuity of microfinance business beyond the
one-year tenure.
3.57 Promulgation of the Microfinance Amendment Bill is expected to address the tenure of
the microfinance licence to facilitate attraction of long-term finance into the sector.
3.58 The Reserve Bank continues to urge microfinance institutions to consider mergers and
acquisitions in order to come up with stronger, more sustainable and well-funded
institutions.

Lending and Portfolio Quality

3.59 Over the review period, total loans for the subsector increased from $197.92 million as
at 31 December 2017, to $303.47 million as at 31 December 2018, representing a
53.33% increase over the year. The credit-only microfinance sub-sector loan portfolio
of $303.47 million accounted for 78.24% of the total microfinance sector loans of
$387.87 million.

Profitability
3.60 The subsector registered a decline in profitability over the year from $19.57 million as
at 31 December 2017, to $16.65 million largely driven by losses recorded by some
credit-only microfinance institutions during the review period. The losses were attributed
to high operational costs on the back of a challenging operating environment and limited
capacity to underwrite more business.
3.61 Credit-only microfinance institutions were considered operationally sustainable with an
average OSS ratio of 154.09% as at 31 December 2018, which compared favorably
against an average OSS of 136.92%, for the corresponding period in 2017.

36
 COMPLIANCE WITH CORE CLIENT PROTECTION PRINCIPLES
3.62 The Reserve Bank of Zimbabwe implemented measures to inculcate a culture of
compliance within the sector through a number of initiatives including capacity-building
workshops and conferences.
3.63 While the culture of compliance in the sector has generally improved over the years, the
Reserve Bank noted that some microfinance institutions still faced challenges in
complying with the Microfinance Act [Chapter 24:29] as well as the Core Client
Protection Principles.
3.64 The Reserve Bank continues to monitor the sector for compliance and requires
microfinance institutions to put in place robust complaints handling procedures in line
with Core Client Protection Principles. These measures are expected to promote the
integrity and reputation of the microfinance sector, while protecting the consumers of
the microfinance products and services.

37
 CHAPTER 4 OUTLOOK

4.1 While investments in the emerging and developing countries remains constrained
due to other developments within the global arena, the modest growth in emerging
and developing countries is expected to provide an opportunity for the
microfinance sector to contribute towards attainment of the Sustainable
Development Goals.
4.2 In Zimbabwe, inflationary pressures in 2019, on the back of escalating interest
rates are expected to result in heighted credit risk in the microfinance sector and
the financial services sector as a whole, as the majority of the borrowers
experience challenges in making timely repayment of loans.
4.3 Increasing operational costs on the back of inflationary pressures are expected to
place a dent on the profitability and sustainability of some of the microfinance
institutions, particularly those that lack adequate funding and institutional
investors.
4.4 Despite the projected austere economic outlook, the microfinance industry is
expected to continue on a positive trajectory in terms of outreach, profitability and
growth of the loan portfolio on the back of technology and agent banking
relationships.
4.5 The Reserve Bank will continue to put in place policy measures that safeguard
the integrity of the microfinance sector, and facilitate sustainability of the sector
as well as development of sustainable financial system for the low income and the
marginalised groups.
4.6 Microfinance institutions are expected to proactively review their funding and
capitalisation levels in line with the changing operating environment in order to
ensure viability and sustainability.
4.7 The escalating operational costs are expected to translate into reduction in branch
network as the sector intensifies adoption of technology to facilitate cost-effective
access to finance.
4.8 This is in line with global trends with a shift towards digital financial inclusion
through mobile platforms. Adoption of technology in the delivery of microfinance
services presents an opportunity for microfinance institutions to increase the
depth and breadth of their outreach to the unbanked and marginalised
communities.

38
4.9 Globally, strategic partnerships between microfinance institutions and mobile
network providers and other financial services providers has proved to be a
powerful tool in the inclusion of the low income and marginalised members of
society.
4.10 In this regard, the Reserve Bank continues to urge microfinance institutions to
consider strategic partnerships with other banking institutions, mobile network
operators, and insurance companies in providing incremental and innovative
microfinance products to the low income and marginalised at a lower cost.
4.11 Further, in view of the changes in the operating environment, microfinance
institutions are expected to review their business models with the view to bolster
profitability and ensure both operational and financial self-sufficiency.
4.12 Going forward, microfinance institutions are expected to implement robust risk
management systems and build microfinance risk management skills in order to
effectively managed the anticipated heightened credit risk exposure in the sector.
4.13 Continued access and utilization of the Credit Registry and the operationalization
of the collateral registry, coupled with continuous improvements in individual
institutions’ internal processes is expected to improve the sector’s portfolio quality
and outreach.
4.14 Cognisant of the importance of the microfinance sector in driving the financial
inclusion agenda, the Reserve Bank will continue to proffer policies that will draw
investment into the microfinance sector. The improvement in the legal and
regulatory framework for the sector is expected to create an impetus for the
increased flow of foreign investments into the sector.

39
APPENDICES

APPENDIX 1: FUNCTION AND ORGANIZATION OF BANK SUPERVISION DIVISION

Function of Bank Supervision Division

The Reserve Bank of Zimbabwe, in terms of Section 6 of the Reserve Bank Act [Chapter
22:15], is mandated to foster the stability and proper function of the Zimbabwean Financial
System as well as supervision of banking institutions, among others.

Organization of the Bank Supervision Division (BSD)

In a bid to fulfill its mandate to foster and maintain financial stability, Bank Supervision
Division is organized into seven (7) departments as illustrated below.

BANK SUPERVISION – ORGANISATIONAL

STRUCTURE

40
Vision of Bank Supervision Division
To become an effective, efficient and dependable regulatory and supervisory authority for
the financial sector, supportive of economic development in Zimbabwe.

Mission of Bank Supervision Division

To promote and maintain the safety and soundness of the financial system through
proactive and rigorous regulation and supervision, in line with international best practice.

41
APPENDIX 2: SUPERVISORY METHODOLOGIES FOR THE MICROFINANCE
SECTOR

1. In an effort to promote development of a sustainable inclusive financial

system for the low income and marginalised groups, in line with the National
Financial Inclusion Strategy and the broader national objectives to become a
middle income economy by 2030, the Reserve Bank of Zimbabwe employs
various supervisory methodologies which are continuously refined in line with
international best practice.
2. Cognisant of the various microfinance institutions that provide access to finance
to the low income and marginalised groups, the Reserve Bank applies non-
prudential supervision on credit-only microfinance institutions, and prudential
supervision on deposit-taking microfinance institutions.

Prudential Supervision
3. Prudential regulation or supervision governs the financial soundness of
licensed deposit-taking microfinance institutions in order to prevent financial
system instability and losses to small, unsophisticated depositors.
4. Under prudential supervision, the Reserve Bank employs the following
supervisory methodologies:
a) Risk-based supervision which is a structured supervisory process
designed to identify key risk factors through qualitative and quantitative
assessment of an institution’s risk profile, assess the adequacy of the risk
management policies and practices that are used to mitigate risk; and focus
supervisory resources (including examination time) based on the risk
characteristics of the institutions. The approach requires strong
understanding of the institution and focuses on validating management’s
ability to identify, measure, monitor and control risks.
b) Consolidated Supervision where a microfinance institution is in a banking
group. The approach evaluates the strength of the individual microfinance
institution and the entire banking group, taking cognizance of the whole
spectrum of risks that affect an institution, whether these risks are carried in
the books of the regulated entity or related parties. Consolidated supervision
promotes the overall evaluation, both qualitatively and quantitatively, of the
strength of a banking group to which a microfinance institution belongs, in

42
 order to understand the relationship among the entities and to assess the
potential impact of other entities in the group on the operations of the
banking institution.

Non-Prudential Supervision
5. Non-prudential supervision is applied to credit-only microfinance institutions and
focuses on the business operations and conduct of conduct to ensure compliance
with consumer protection regulations and anti-money laundering and financing of
terrorist regulations. Non-prudential supervision includes registration of the
institutions to lend legally; periodic submission of financial information; prevention
of fraud and financial crimes; consumer protection; and wide array of cross-cutting
issues microfinance issues on transformation from one institutional

43
 REGISTERED MICROFINANCE INSTITUTIONS AS AT 31 DECEMBER 2018
CREDIT-ONLY
INSTITUTION
ABC Easy Loans t/a
BancEasy Loans (Private) Ltd
ABC Moneylenders (Pvt) Ltd
Airmode Investments (Pvt)
Ltd
Anephen Investments (Pvt)
Ltd
Anthill Capital (Pvt) Limited
Appointed Restoration
Finance (Private) Limited
Aquapave Investments (Pvt)
Ltd
Ardeur Financial Services
(Private) Limited
Ashleen Investments (Private)
Limited
Axafin (Private) Limited
Baardy Micro Capital (Pvt)
Ltd
Batanaitosave and
Investments
Benefacto Investments (Pvt0
Limited
Boldfunds Financial
Solutions (Private) Limited
Bluegrouse Finance (Pvt) Ltd
Bridgevest Capital (Pvt) Ltd
Cablefin Finance (Pvt) Ltd
Cash Connect Finance (Pvt)
Ltd
Cash Direct (Pvt) Ltd
Cash Twentyfour (Pvt) Ltd
Chipo Microfinance (Pvt)
Limited
Citicash Financial Services
(Pvt) Ltd
Clarion Financial Services
(Private) Limited
Club Plus (Private) Limited
PHYSICAL ADDRESS
Shop Number 2; ZIMRE
Centre; Leopold Takawira
Street; Harare
Hatfield House, Seke Road,
Graniteside, Harare
9 Essex Avenue, Fitchlea,
Kwekwe
Shop Number 72
Highglen Shopping Centre
Harare
Suite 516-517,5th floor,Africa
House, Fife Avenue, Bulawayo
Wailers Building, No.16 Harare
Street, Harare
135 Kwame Nkrumah Ave,
Harare
Office 2, Bulawayo Club Office
Suites, 89A Fort Street,
Bulawayo
3rd Floor, West Wing,
Construction House, 108-110
Leopold Takawira Street,
Harare
46 Edmonds Road, Belvedere,
Harare
Office 400, 4th Floor,
Conctruction House, 108-110
Leopold Takawira Street,
Harare
42 Harvey Brown. Milton Park.
Harare
Office 308 Gelfand House, Cnr
Speke & First Street. Harare
74 Selous Avenue. Harare
1125 Charlotte Brooke,
Borrowdale,Harare
No. 23 McLoughlin Road,
Kensington. Harare
No. 1 Armagh Avenue, Eastlea,
Harare
Mass Media House, 19 Selous
Avenue, Harare
7. 56 Fifth Street, Gweru
22 George Silunduka House,
Suite 202, 2nd floor. Harare
5 Premium Close, 70 Simon
Muzenda Street. Harare
5th Floor, York House, Corner
8th Avenue/Herbert Chitepo
Street, Bulawayo
7 Bates Street, Milton Park,
Harare
Cnr 9th Avenue/Herbert
Chitepo, 3rd Floor, Edgars Head
Office, Bulawayo
CONTACT NUMBER(S) EMAIL ADDRESES
04-780797; 780798 amurahwa@bancabc.com
04-751904/751906 info@abcmoneylenders.co.zw;
info@abcmoneylenders.co.zw
055- 25100, 0771 966 664, airmodemicro@gmail.com
0778 508 161
04- 693440/ 693441/ munyikachitambo@gmail.com
693443/ 0773232874/
0772657653
09- 331903 0772927758 anthillcapital@yahoo.com
0178122510
0772 926 100 nmutsvairo@yahoo.com
0772 722 029 aquaside884@gmail.com
09-70841 / 0773373288 / ardeur.fs@gmail.com
0712792755
04-793202/9, 8644058493- jusytadya@yahoo.com
4, 0772732189
+263 4 753 954 – 6 mirtenwallinvestments@gmail.com
0772-550189, 777254 baardymicrocapital@gmail.com
0774 771 037/ 0733 292 912 info@batanaitosave.co.zw
0772121694/ 0773431219 Benefactoinvestments.gmail.com
772100360 menarddzikiti@gmail.com
0772253172/0773 257 727 Pamelagotore1997@gmail.com
0773 854 789; +263 772 273 chitambiraamos7@gmail.com
627; +263 242 704512
04-782872/69; 0772295077; ntauro@fts-net.com
0777 657 558
774452856, 797245 chnadina783@gmail.com,
info@cashconnect.co.zw
0713099717 or 0774598766. tmupasi@cashdirect.co.zw
771416060 james87@gmail.com
715246682 pdengu@gmail.com/pondai.dengu
@cdftrust.com
09-883841 pchapepa@citicash.co.zw
731002013 kchombo@clarion.co.zw
077 2 212 081/09 881 bndlovu@edgars.co.zw/info@clubp
626/35 lusmicrofinance.co.zw
44
CREDIT-ONLY
INSTITUTION
Comoglobe Enterprises
(Private) Limited
Concap Africa (Private)
Limited
Coverlink Finance (Pvt) Ltd
Credfin (Pvt) Ltd
Credfund Finance (Private)
Limited
Crediconnect (Pvt) Ltd
Credit Plus Loans (Pvt) Ltd
Crossroads Financial Services
(Pvt) Ltd
Crown Wealth Investments
Cushion Me (Pvt) Ltd
Cutec Microfinance (Pvt) Ltd
Darnster Finance (Pvt) Ltd
Daswa Investments
Delta Financial Services (Pvt)
Ltd
Denjo (Private) Limited
Denvalene Financial Services
(Pvt) Ltd
Dotpark Enterprises (Private)
Limited
Doves Financial Services
(Pvt) Ltd
DPC Professionals (Pvt) Ltd
Easy Credit (Pvt) Ltd
Easeworld Financial Services
(Private) Limited
Educate (Private) Limited
Eduloan (Pvt) Ltd
Equality Microfinance (Pvt)
Ltd
PHYSICAL ADDRESS
212 Anlaby House. Cnr N.
Mandela/Angwa Street, Harare
1st Floor, Throgmorton House,
Cnr Julias Nyerere/S. Machel
Avenue.
1 Floor, Nicoz House, Cnr 1st
Street/N. Mandela, Harare
12 Silwood Close, Chisipite,
Harare
39 Brooke Village
Borrowdale Brook
Harare
14 Kew Drive, Highlands,
Harare
Stand No 411/2, Office No. 3
New Market Centre, R. Mugabe
St,Masvingo
4 Hyde Park, 183 Baines
Avenue, Harare
101 Five Avenue, Cnr Sam
Nunjoma/ Five Avenue. Harare
8A Cromer Street, Shurugwi
Chinhoyi University of
Technology, P. Bag 7724,
Chinhoyi
Suite 5 , Albion Flats, 127A
Fort Street, Corner 13th and
14th Avenue, Bulawayo
9 Fundai House, 70 Simon
Muzenda Street. Harare
2138 Clanview House, Second
Street Marondera.
Number 4, Scarsdale Road and
19 Cavendish Drive, Avondale,
Harare
Zimpost Building, Tongogara
Street/Hughes Street, Masvingo
NO. 38/2 Tongogara Street,
Rusape
Olwen Crocker House, 157
Harare Street. P.O. Box 504.
Harare
95 Central Avenue, Harare
11 Balmoral Gradens, Cnr Fife
Avenue/ 8th Street, Harare
766 Nzou Close, Old Windsor,
Ruwa
Shop 7, Ascot Shopping Centre,
Minerton Drive, Bulawayo
16 Palmer Road, Milton Park,
Harare
Opportunity House, 19 Harare
Street, Harare
CONTACT NUMBER(S) EMAIL ADDRESES
0772 366937; 0772876758 comoglobe@gmail.com
0772491430/077 2 277 070 kudzaim@concapafrica.co.zw
04-708622, 702444, info@coverlinkholdings.co.zw
0778202349, 0778 077 431;
0772 272 581
04-442737,442901-2, info@credfin.org
481003, 495545, 497853,
0772209229
0772915395/0772942225 jusygumbochuma@gmail.com
04-498951-4/ 0772282932 info@crediconnect.com
263 773 249 825 creditplus@hotmail.com
0776 520 358 nevadin@mweb.co.zw
0774421986; 0772254060 crownwealthfinance@gmail.com
263 52 6617-8, 263 772 515 info@cushionme.co.zw
454
0773528291, 0777899413, tmajoni@cut.ac.zw;
0733412576 tsmak70@gmail.com
0773 373867, 09 60274-5, darnsterfin@gmail.com
0972218
772609521 tawandakamutatari@gmail.com
0773795207 / 0772319236 kumbeman@yahoo.com
04-333337; 0772894175 christ15chifunyise@gmail.com
039-263499 0773232845, denvalenne@gmail.com
0712 866739, 0772 426758
0772 479 823, 0773024308, dortpark01@gmail.com
0733826308, 0776845711
0242-774013-9; amukasi@doves.co.zw/
0772409777 bvito@doves.co.zw
(04) 704846 / 0733656046 / traditionalhealthfoodstrust@gmail.c
0712512152 om
0717 201 141, 242 703115 manyowa@easycredit.co.zw
0775 010 227, 0773 369 877 kundishorad@gmail.com
(0292) 250797 terrence@educate.co.zw;
jillion@educate.co.zw;
educateloans@educate.co.zw
2634740395/409+26371250 Roses@eduloan.co.za
0490 temymugo2000@gmail.com
04-761170, 761171, akaurai@gmail.com,
748357,0773 808 531 info@eqmf.co.zw
45
CREDIT-ONLY
INSTITUTION
Ergoflex Investments
(Private) Limited
Executive Capital (Pvt) Ltd
Express Credit Zimbabwe
(Pvt) Ltd
Face Saver Trading (Pvt) Ltd
Fastbucks Finance
Enterprises (Pvt) Ltd
Femmes De Dieu
Fidelity Life Financial
Services (Pvt) Ltd
Finsha Microfinance (Private)
Limited
Firstmoney Microfinance
(Private) Limited
First Mutual Microfinance
Flowtrade Investments
(Private) Limited
FMC Financial Services
Limited (First Micro Credit )
(Pvt) Ltd
Fortmus Financial Services
(Pvt) Ltd
Funamel Investments
Fundhouse Finances (Pvt) Ltd
Fundmate Capital
Gealcs Private Limited
Golden Knot Financial
Services (Private) Limited
GPC Financial Services
Great Relief (Pvt) Limited
Great Thanks Investments
(Pvt) Ltd
Green Leaf Finance (Pvt) Ltd
PHYSICAL ADDRESS
11 Security Trust House, 73 -
75 Kwame Nkrumah Avenue,
Harare
Stand Number 400, Winterton
Building. Robert Mugabe Way.
Masvingo
Shop 109 (A), Joina City,
Harare
413 Maphisa, Matobo
no. 1 Zandaam Court, Cnr
Mazowe & Chinamano Street,
Harare
99 Bishop’s Mount Close,
Greendale. Harare
4th Floor, Fidelity House, 66
Julius Nyerere, Harare
Office no.5, James Court,
Corner 9th Ave/Herbert Chitepo
Street, Bulawayo
Ist Floor North Wing, 51
Robinson House Kwame
Nkrumah Avenue. Harare
100 Borrowdale Road.
Borrowdale. Harare
256 The Green Street, First
Floor, Howard House,
Marondera
22 Fereday Drive, Eastlea,
Harare
7th Floor, Throgmorton House,
51 Samora Machel Avenue,
Harare
33 Hebert Chitepo Road,
Masvingo.
35, 1st Floor, CAIF Building,
R. Mugabe/7th Street , Gweru
19248, Budiriro West, Harare
First Floor, Union Buildings. 64
Robert Mugabe. Harare
17 Edmunds Avenue,
Belvedere, Harare
168 Samora Machel Avenue
West, Belvedere
125 Kwame Nkrumah Avenue,
Corner Fifth Street, Harare
3rd Floor Left Wing, Msasa
Building, 107 Herbert Chitepo
Street, Mutare
Clare House, 77 Nujoma Street,
Harare
CONTACT NUMBER(S) EMAIL ADDRESES
08644 146 408 / 0773 948 makuwazaf@gmail.com
005 / 0734 956 950
0775 739 986 / 0771 896 denverchikwati@gmail.com;
388 mupiniblessing@gmail.com;
info@executivecapital.co.zw
0736356332; 0777207710 osinyabuwe@gmail.com
263 282 337/247, 263 282 facesavertrading@gmail.com
337/247
774751926 desndlovu@yahoo.com
0772 276 225 / 0719 276 femmededieu18@gmail.com
225
(04) 750 927-34 or 750 943 wesleyb@fidelitylife.co.zw
- 4, 781141-3/8
09-888222, 79620, 64027 finshamicro@comone.co.zw
04 773 491/0774048342 enquiries@firstmoney.co.zw
04-886000, 0718 200 501 mncube@firstmutual.co.zw,
dmupasiri@firstmutual.co.zw
027927065, 0772375988 flowtradeinvest@gmail.com
04-747450 / 04-747481 rmmavhunga@fmcfinance.com
0775 889 751; 04-756589; fortmusfinservices@gmail.com
0772 431 183
0 775543847/0772738201 funamelfinance@gmail.com
or 263 0392 261321
077 3 511 687, 077 3 046 fundhouse@gmail.com
613, 077 2 387 207
0773247672/0773033017 zvoushomajn@gmail.com
0772 466 568, 0773228 348; gnzvengende@gmail.com/
0778 211 625 aldrisonn@gmail.com
04- financialservices@goldenkont.co.z
773147/783278/0772929586 w
/0772469068
04 778 491 – 2/ 04 741 874 finance@dsc.co.zw
– 5/04 740 885/ 071 8 313
610
263 52 6048/ 0772 925 infogreatrelief@gmail.com
505/0772894910
02064799, 263 773 856 877, greatthanksinvestments@gmail.co
+263 773 015 946 m
04-251951, 251949, 0777 info@greenleaf.co.zw,
852 270 simon.winskill@gmail.com
46
CREDIT-ONLY
INSTITUTION
Green Masters Investments
(Pvt) Ltd
Groveston Investments (Pvt)
Ltd
Gryton Capital (Pvt) Ltd
H & H Microfinance (Pvt)
Ltd (Litreton Investments P/L
Hammer & Tongues Money
Lenders (Pvt) Ltd
Havilah Stream Finance (Pvt)
Limited
Hayroadic (Pvt) Limited
Hillthru Enterprises (Pvt) Ltd
Homelink Finance (Pvt) Ltd
Homwe Financial Services
Impact Financial Services
(Pvt) Ltd
Inclusive Financial Services
(Pvt) Ltd
Intercrest Capital (Pvt) Ltd
Jakana Africa Microfinance
(Pvt) Ltd
JHM Investments (Private)
Limited (Pvt) Ltd
Junior Marima (Pvt) Ltd
Kamlish Investments(Pvt) Ltd
KCI Management
Consultants (Pvt) Ltd
Kenlon Financial Services
(Pvt) Ltd
Kingcash Finance (Pvt) Ltd
Kleinfin (Private) Limited
PHYSICAL ADDRESS
19 J. Tongogara Avenue/
Blakiston Street, Harare
30A Trinity road Greendale
Harare
4 Bradburn Street , Masvingo
28 Nigel Philip Ave, Eastlea,
Harare
Shop 1A, Beverly Court, Cnr N.
Mandela/4th Street, Harare
260 Commercial Street,
Chinhoyi
Office Number 314, 3rd Floor,
Pockets Building, 50 Jason
Moyo Avenue, Harare
No. 6 Rekayi Tangwena
Avenue, Masvingo
72 – 74 Samora Machel Ave,
Hardwicke House, Harare
56 Hellet Street, Masvingo
Shop 17 ,Highglen Shopping
Centre, Harare
139 Jason Moyo, Bulawayo
No. 277; Samora Machel Ave,
Eastlea
275 Herbert Chitepo Street,
Harare
Suite 2, 8th Floor South Wing,
Pax House, 89 Kwame
Nkrumah Ave, Harare
63 Hofmeyer Street, Masvingo
Suite 25, 2nd Floor, New Africa
House, 40 Kwame Nkrumah
Ave, Harare
94 McChery Avenue, Eastlea,
Harare
Room 309, 3rd Floor, First
Mutual Building, Hebert
Chitepo Street , Mutare
Suite 45, St. Andrews House, 40
Samora Machel Avenue, Harare
22 George Silundika Avenue,
Suite 202, Silundika House.
Harare
CONTACT NUMBER(S) EMAIL ADDRESES
04- Greenmasters57@yahoo.com;
738766,732166,732173,071 majorchanetsa@yahoo.com;
201740, 0772 511 255, lizmukema@yahoo.com
0733264001
734773572, +263 733 773
672
0773 437 475 / 0717 413 grytoncapital@gmail.com
179 / 0774 039 059 / 0772
656 900 / 039 263 608/0773
435 475
04 - 747025,778990-1 ,0772 pangidzo@zol.co.zw;
605501, ian@hhmicro.net
0772234054/07720605501
(04) 794 808-812 admin@html.co.zw;
mildred@html.co.zw
0773043359, 0772627207, andrewbare35@yahoo.com;
0773038337 havilahstream@yahoo.com
775484864/0771785070 todhlakama@gmail.com;
shepmand@gmail.com
njcchipandambira@gmail.com
(039)264574/0772739827,0 hillthruenterprises@gmail.com
775878490,0774148180,077
5692005
08677006071; 2792800; dali@homelink.co.zw;
2792538 tbunu@homelink.co.zw
773597378/ +263775708419 homweinfo@gmail.com /
nganipd@gmail.com
0773 000156; 0734 816 g.patsika@gmail.com
993; 0734 559 295
09-79048 / 071 2 505 539 gzhou@ifszim.com
08644104958; pkwashirai2011@gmail.com
08644103255;
0772101184/92
0779 505948, 0783150256 jakanacap.trading@gmail.com;
Gregory@jakanacapital.com ;
loans@jakanacapital.com
04-2936697, 748811, jhmworkworld@live.com;
0734460729, 0772480806, solidcash@hotmail.com
0777097150
263 39 263293, noahmarima@gmail.com
0774375801, 0773895330
04-755009, 0733749913 kamlish@mweb.co.zw
0772 379 949 kenrufasha@yahoo.co.uk,
kcimanagementconsultants@gmail.
com
0772 761 230 / 0772 384 Kennymuchina@yahoo.com;
303/0713291084 kennymuchina@gmail.com
073 1 445 566/0774 101 kcfloans@yahoo.com
163/0774510163
263 772 978 608 pamchimwa@gmail.com
47
CREDIT-ONLY
INSTITUTION
Kreamon Investments (Pvt)
Ltd
Kuntem Traders (Private)
Limited
Lamcent Capital (Private)
Limited
Landis Investments (Pvt) Ltd
Leon Business Solutions
(Pvt) Ltd
QATC Capital (Private)
Limited
Linkage Finance (Pvt) Ltd
Loans for You (Pvt) Ltd
Loanstar
Lomabil (Private) Limited
Lyno Finance (Pvt) Ltd
Maxbark Investments
MCP Microfinance (Pvt)
Limited
Merit Financial Services (Pvt)
Ltd
Mewl Investments (Private)
Limited
Microcred (Pvt) Ltd
Microdawn Financial
Services (Pvt) Ltd
Microhub Financial Services
(Pvt) Ltd
Microloan Foundation (Pvt)
Ltd
Microplan Financial Services
(Pvt) Ltd (formerly Muirkirk)
Microventure Africa (Pvt)
Ltd
Milgree Investments (Private)
Limited
Milsam Finance Corporation
(Pvt) Ltd
Mirtenwall Investments
(Private) Limited
PHYSICAL ADDRESS
320 Samora Machel Avenue,
Eastlea, Harare.
4 Douglas Road, Workington,
Harare
22 Kent Road, Highlands,
Harare
Room Number 21, Specks
Hotel, Kadoma
15th Floor, joina Centre, Cnr
Jason Moyo/J. Nyerere Way,
Harare
44 - 50 Hughes Street,
Masvingo Main Post Office,
Room F9 & F10, Masvingo
49 Livingwaters Building,
Beitbridge
275 Herbert Chitepo Street,
Harare
Shop 6, Avondale Shopping
Centre, Avondale. Harare
5475 Unit D
Seke
Chitungwiza
Office 201, 2nd Floor
Engineering House, Ruzende
Street, Harare
136 Robertson Street, Masvingo
No 1 Wayne Street, Harare
Shop No.8, Ground Floor, ZB
House, Cnr First St/Speke Ave,
Harare
Shop 2 NSSA House, Gwanda
70 Park Lane, Harare
Office 305, 3rd Floor, St
Barbara House, Harare
203 Josiah Chinamano Avenue,
Harare
13th Floor, CABS Centre, 74
Jason Moyo Avenue, Harare
4th Floor, FBC House, 113
Leopold Takawira St, Harare
3 Elsworth Road, Belgravia,
Harare
2nd Floor, Fidelity Lifetower,
Raleigh Street, Harare
2nd Floor, 3rd Block, Number 1
Kwame Nkrumah Avenue,
Harare
Shop No. 8, Belmont Chambers,
Bulawayo
CONTACT NUMBER(S) EMAIL ADDRESES
04-443894- amaziwisa@kreamorn.co.zw
6/0771490928/0734933390
04 - 770223/04 - 770 kuzivam@alumenshopfitters.co.zw
855/077 2 272 091
0782408655; 0774629998 lameck.exodusengineering@gmail.
com
068 25625, 0772 271147, landiskadoma@gmail.com
0772 967461
04777999, 779340, 779312 info@leon.co.zw
0772 736 348/ 0716140031 infor@qatc.biz /
(039) 266026 melody.pedzisai@qatc.biz
028622099; 0772850705; linkfinplc@gmail.com
0772939611
0774 399 290 joseph.toindepi@loansfor-u.com;
+263 77 3 386 930 / 0714 Lornaht2015@gmail.com
386 930
772777385 tonychinos@aol.com
0772 232 747/ 0772515799, patrick@lynofinance.co.zw
04758024
263775832777; maxbark2018@gmail.com
+263777680487
04 - 705000/708004 gmatika@mcpmicrofin.co.zw;
cmutizwa@mcpmicrofin.co.zw
750353; 756 763; +263 4 info@meritfsz.co.zw
771 758, 263 773 416 104
0779683621 / 0772247763 / ergumbo@yahoo.com
0773263522
04-705414- miams@microcred.co.zw
8,795456,790443
0772131234, 0733356774 mcian8@gmail.com
705683, 705458, tamirira@gmail.com
0772716759
04 702 561 - 9, 04 700 826 peter.ryan@mlf.org.uk
04- patrick.mangwendeza@fbc.co.zw;
772745/772729/0772283584 reginald.muramba@fbc.co.zw,
04-253407/0772382344 prince@microventureafrica.com
0772568775, 0772262981 mavisnago@gmail.com
263 772818314, 773555096, milsamfinance@gmail.com
772483952
0773950780/0772201033 mirtenwallinvestments@gmail.com
48
CREDIT-ONLY
INSTITUTION
Missapi Finance (Private)
Limited
MoB Capital (Pvt) Ltd
Moen Credit Guarantee (Pvt)
Ltd
Money Mart Finance (Pvt)
Ltd
Mount Camel Investments
(Pvt) Ltd
Mortgage Hub Financial
Solutions
MSAADA Credit (Pvt) Ltd
Mula Microfinance
Nash Micro Capital (Pvt) Ltd
Nelhurst Trading (Pvt) Ltd
New Horizon Financial
Services (Pvt) Ltd
Newlands Financial Services
(Pvt) Ltd
Nissi Global (Pvt) Ltd
Njere Microfinance (Private)
Limited
Nurture Finance (Pvt) Ltd
Oakfin Finance (Pvt) Ltd
Octrev (Private) Limited
Old Mutual Finance
One Four Nine
Osaro Enterprises (Pvt) Ltd
Pivot Financial Services
Portify Investments (Pvt) Ltd
Post Microfinance
PHYSICAL ADDRESS
38 Pine Street, Marondera
601 Fidelity Life Centre, Cnr
Fife Street/ 11th Avenue,
Bulawayo
12th Floor Causeway Building ,
third street and Central Ave
Harare
Suite 605, 6th Floor, Batanai
Gardens, 57 Jason Moyo
Avenue, Harare
22nd Street, Bluehouse, Mutare
32 Clyde Rd Eastlea.Harare
3 Devon Avenue, Meyrick Park,
Mabelreign. Harare
12 Stewart Road, Borrowdale.
Harare
4th Floor, 123 Dolphin House,
Kwame Nkruma/ L. Takawira
Street
37 Atkinson Drive, Hillside,
Harare
21 Northampton Road, Eastlea.
Harare
203 Josiah Chinamano Avenue,
Harare
Suite 3 &4 Peppermint Place,
Cnr 11th Avenue & George
Silundika , Bulawayo
5th Floor, Construction House,
Harare
Number 7 York Avenue,
Newlands
First Floor, North Wing,
Throgmorton House, Cnr J.
Nyerere Way/ S. Machel
Ave,Harare
182 Samora Machel / 8th Street,
Harare
100 The Chase, Emarald Hill,
Harare
26 Bath Road, Belgravia,
Harare
3rd Floor-Room 318, St Barbra
House, Cnr Leopold
Takawira/N. Mandela Street,
Harare
7230 Zimre Park, Ruwa
Suite 13, Zimnat Building, 10th
Avenue/Jason Moyo Street,
Bulawayo
2nd Floor, Harare Main Post
Office.Corner Inez Terez / G.
Silundika Avenue. Harare
CONTACT NUMBER(S) EMAIL ADDRESES
0775009526 (027) fkmaida@gmail.com
92320068
00263772256235, mpalamorris@gmail.com;
+263712684821 mobcapitalzim@gmail.com
263 53 2269, 2289, moencredit@live.com
0774244440, 0771831831,
0737800333, 0716288888/
263 77 6886941
770525/ emupambwa@moneymartfinance.c
0772417488/0778765564 om; moneymartfinance@gmail.com
0712 640873, 020 31254 chinyaijohn@gmail.com
0774215011 kenchitando@yahoo.com
263784933319 / admin@msaadacredit.co.zw
2634310616 / 2634311040
0772311718/0778055076 chipo@corus.co.zw
263 772739132 tagsferm@gmail.com
0773 426 877, 747959, nelhurst@gmail.com
4747882, 4747869, 077 2
515 605, 077 2 425 802
0772543832 / 0772233476 / nhfsmicrofinance@gmail.com
0772257215
0772 376 857/0772 277 info@newcap.co.zw
724/04 705 952/04 795 458
09-882138; 09-61684; finance@nissiglobal.co.za
0712572860
783142240, 04 748501 empigwa@gmail.com
04-309953 or 309685, 0772 mark.hayter@ncpafrica.com
286 828,
710316/0772 431 203/ 0773 oakfinfinance@gmail.com /
050 538/0774 382 rangarirai@oakfinfi.com
527/0771055871
263739887406/ tobiasc@mweb.co.zw ,
0716662229/04 253 301/8/9 zimpro@zpt.co.zw
04 308 400-15 isabeln@oldmutual.co.zw
8677149149/0771922241 melissa.h.hildebrand@one-four-
nine.com
0712 310456, 0777889544 osara@yahoo.com;osaroenterprises
@yahoo.com
272 4035, 0784 791 990 geraldmabureza@yahoo.com
09-885001/0773455138 portifyinvestments@gmail.com
444490-92/ htembo@zimpost.co.zw
0712832501/0712832503
49
CREDIT-ONLY
INSTITUTION
Premier Service Microfinance
Printlan Investment
Quadfin Financial Services
(Pvt) Ltd
Quest Financial Services
(Pvt) Ltd
Quick Access
Raysun Capital
Reach Sky Loans (Pvt) Ltd
Reality Microfinance (Pvt)
Ltd
RISO Financial Services
Rostafin Financial Services
Rovdem Investments
(Private) Limited
Safe Credit (Pvt) Ltd
Sedgemerge Investments
Share Wealth (Private)
Limited
Shawns Fincon (Pvt) Ltd
Sheltersol Finance (Pvt) Ltd
Shons Financial Services
(Pvt.) Ltd
Shumba Money (Pvt) Ltd
Simukai Financial Services
(Pvt) Ltd
Sirosang Investments (Pvt)
Ltd
Skwama Microfinance (Pvt)
Ltd
Skycredit (Pvt) Ltd
Soledd Financial Services
(Pvt) Ltd
Solten Financial Services
(Private) Limited
PHYSICAL ADDRESS
2nd Floor, PSMAS House, 47
George Silundika Avenue.
Harare
No. 12 Riverview Lodge,
Avondale. Harare
Offices
54 Central Avenue
Harare
1st Floor Social Security
Centre, Sam Nujoma/Julius
Nyerere Way, Harare
7th Floor, Finsure House, Cnr
Kwame Nkrumah & Sam
Nujoma. Harare
569 Muwonde Road, Ruwa
708 Light Industry, Zvishavane
3rd Floor, Insurance Centre,
Corner Samora Machel &
Parklane, Harare
4 Thames Road, Pomona.
Borrowdale. Harare
127 Harare Drive, Mt. Pleasant.
Harare
Stand No. 3342, Nyamhunga
Township, Kariba
Office 301 Construction House,
Leopold Takawira.
12 Hellet Street. Masvingo
First Floor, Gloster Court, 142
Samora Machel Avenue, Harare
1 Timber Close, Chisipite,
Harare
138 Williams Way, Msasa.
Harare
Suite 2, 1st Floor, Alice
Building, 6th Street, Gweru
No. 105, Sanlam Centre,
Newlands. Harare
Shop no.6, 46 3rd Street, Harare
40 Moorgate Road, Mount
Pleasant, Harare
6 Rainham Road, Willowvale,
Harare
Office 24 Shamwari Complex,
Cnr Sam Nujoma St &
Maasdorp Avenue, Belgravia,
Harare
Suite 20, 4th Floor, Barts House,
32 Jason Moyo Avenue , Harare
92 Drew Road, Chisipite,
Harare
CONTACT NUMBER(S)
(04) 2705186 / 8
0772 801 488
0773 375 983/
0719 375 983/ 293 7156
04-783451/2, 762888,
0772156091, 712811839
04-253661/3, 0772,241,682,
0773 395 660
0273-2132928 / 0774361033
/ 0783064697
0782710307, 0779625490,
0779625489, 0718261527
(04) 701051 - 2, 0712
550692
774 771 037; +263 772 852
984
0773103020/0779367658/07
72206838
263773921019/772205757
04 748130, 0774 363 479
0772883000; 0774 550 555;
0773067626
04 2911558, 077 2 443 362,
0772338989
077 2 275 040, (04) 498 588
0773 369 974/ 0777 739
715/ 04-778641/ 04-778837
054 228721-2/054-2220018/
0772499992,0712085588,
0772379429 / 0776157975,
0772379429
0785914028
0775025155, 0773 237766,
0778400742
04-884649,
0772699560/0735178437 /
0777740180
0772398108 / 0772 619 011
(04) 883 701/2 0772 262
579/ 708926
0773 499 403; 04 2916498;
0732620344-6
04 499 019, 0777 181 409
50
EMAIL ADDRESES
marshallm@psmas.co.zw
cdongonda@gmail.com
gtoronga@quadfin.co.zw
dsaruro@quest-fin.com
isau@mweb.co.zw
admin1@raysuncapital.com
reachskyloans@outlook.com
pepsihokoyo@gmail.com
Tembo.solomon51@gmail.com
roseland@rostafin.co.zw
rovdem@gmail.com
lmunyika@gmail.com
sedgemergeinvestments@gmail.co
m
m.ndubiwa@share-wealth.com;
i.macharika@share-wealth.com
jshoniwa@shawnsfincon.com;
schinogwenya@shawnsfincon.com
admin@sheltersol.co.zw
tanakashons@gmail.com;
shonsfinance@gmail.com
andrew@shumbamoney.com
simukaifinancial@gmail.com
maimugwiji@gmail.com
tjecheche@gmail.com
gloria@skycredafrica.com
soleddfinance@gmail.com
solten@zol.co.zw
CREDIT-ONLY
INSTITUTION
Sport-Talk Investments (Pvt)
Ltd
Stock Tank Investments
(Private) Limited
Stone Microfinance (Pvt) Ltd
Stratfin Services (Pvt) Ltd
Suigeneris Investments
(Private) Limited
Symdunes Financial Services
(Pvt) Ltd
Taroth Investments (Pvt)
Limited
Taeddy Capital Investments
(Private) Limited
Tax Driven Investments
(Private) Limited
Tazmac (Pvt) Ltd
Terryfin Micro Credit (Pvt)
Ltd
Tilate Investments
Tinrue Finance (Pvt) Limited
ThincBizz Finance (Private)
Limited
Thrive Microfinance (Pvt)
Ltd
Tottengram Investments (Pvt)
Ltd
Transport & Equipment
Finance (Pvt) Ltd
Trebox Finance (Pvt) Ltd
Tretma Investments (Pvt) Ltd
Trukumb Microfinance (Pvt)
Ltd
Trutop Investments (Pvt)
Limited
Umtanashi Finance (Pvt)
Limited
Untu Capital (Pvt) Ltd
Valley Finance (Pvt) Ltd
Ventures Micro Finance (Pvt)
Ltd
PHYSICAL ADDRESS
No.113, 1st Floor, Unifreight
House, L.Takawira
Avenue/Fife Street , Bulawayo
3 Sheringham Close, Mt
Pleasant, Harare
11 Angus Road,Eastlea, Harare
11 Treger House, 2nd Floor,
Jason Moyo Street/12 Avenue,
Bulawayo
First Floor, Suite 12, 21 Inez
Terrace, Adven House, Harare
Nyanga Street, Suite 6,
Kennedy Court, Rusape
2nd Floor, Dolphin House, 123
Leopold Takawira, Harare
1208 Mt Pleasant Heights.
Harare
Suite 304, Pollack House,
Robson Manyika Avenue,
Harare
Cnr R Mugabe / Inez Terrace,
Asia House, 1st Floor, Suite 4,
Harare
19 Chalkmead Lane, Greendale.
Harare
8 Belvedere Road, Kopje.
Harare
House Number 75, 9th Street,
Gweru
2nd Floor Travel Plaza, 29
Mazoe Street, Harare
97 Willowvale Road, Harare
5 Thurso Close, Eastlea, Harare
30001 Dagenham Road,
Willowvale, Harare
715 York House, 8th Avenue.
Bulawayo
Office no.4, M&A Building J.N.
Nkomo Street/12th Avenue,
Bulawayo
Stand No. 212, Mthwakazi
Business Centre, Filabusi
124 Twickenham Drive,
Northwood. Mt. Pleasant,
Harare.
E211 37 Cnr J. Tongogara and
L. Takawira, Chiringira Court,
Harare
No.3 Drury Lane, Strathaven,
Harare
109 Chinhoyi Street, 1st Floor
Vassan Building, Harare
No 5 Conald Road, Graniteside,
Harare
CONTACT NUMBER(S)
(09) 888183/66004, 0712
754 224
773425500
04-703750, 0773581305,
0772434304
09-61144,
0713551688/0712217605
04 763 015; 0713064681-4;
whatsapp: 0773326762
08644124346; 0712756227
0773 852307, 0772 957676,
0778186926, 0779744241
0772 338 720, 0712 873713
772148123
04 775 679, 0775 221 918,
0772 930 643
2486589/ +263772636647
0773 943378 / 0775 862465 /
0771 649160 / 0773 943378
(054) 22567, 0733 221 257,
0775 930 297
04-795671, 0772 992 476
(04) 663647/ 0717906272
4-782127, 0773782872;
0775404539, 0772432979
(04) 669 077
263 9 79310/ 0772 279 125
0735 822 339/0779 456
129/0775454805/09 60717
0775 191 826 / 0776 477
881 / 0773 744 422 / 0774
667 165
04-885989 / 0772 124 669 /
0772 237 145
773435423/0772231063/077
22241587
04-308746, 0774164390
077 289 5451
04-250206, 0772 715 269
51
EMAIL ADDRESES
Sporttalk_investments@yahoo.co.u
k
ceo@stocktank.co.zw
pshoko@stonemicrofinance.co.zw
stratfinbyo@gmail.com
enquiries@suigeneris.co.zw
symdunes@gmail.com
kudziegavhumende@gmail.com
tsitsinyoni@yahoo.com
tdinvestments@gmail.com
tazmacpvt@yahoo.com
theresashonai@gmail.com /
oshonai@yahoo.com
tilateinvestments@gmail.com
tinruemicrofinance@gmail.com
info@thincbizz.com,
ncociemo@yahoo.com
bnyabadza@gmail.com
nzimbeva@gmail.com;
mwanemab@gmail.com
lovejoy@pioneerafrica.co.zw
yamurayi@gmail.com
tretmainvestments14@gmail.com
mettmzitshwa@gmail.com
mugwijit@zol.co.zw/
fmhenyu@yahoo.co.uk
bnntini@gmail.com;
umtanashi@gmail.com
clive.msipha@untu-capital.com
gdingwiza@gmail.com
fidelismubaiwa@gmail.com
CREDIT-ONLY
INSTITUTION
Vestrow (Pvt) Ltd
Virl Rural & Social Financial
Services (Pvt) Ltd
VirtuousFinance (Pvt) Ltd
Wedb Financial Services
(Pvt) Ltd
Wintron Financial Services
(Pvt) Ltd
Wisrod Investments (Pvt) Ltd
Xtenda Finance (Pvt) Ltd
Yambukai Finance (Pvt) Ltd
Yebo Financial Solutions
(Private) Limited
Yofund Finance (Private)
Limited
Yonder-Rift Enterprises
(Pvt.) Ltd
Zambuko Trust (Pvt) Ltd
Ziada Capital Microfinance
(Pvt) Ltd (Sendoff Trading
(Pvt) Ltd)
Zibuko Capital (Pvt) Ltd
Zimbabwe Microfinance
Fund (Private) Limited
Zimnat Financial Services
(Pvt) Ltd
DTMFIs
African Century Limited
Success Microfinance Bank
Ltd
Get Bucks Financial Services
(Pvt) Ltd
Lion Microfinance Limited
Zimbabwe Women's
Microfinance Bank Limited
EmpowerBank Limited
PHYSICAL ADDRESS
18 Van Praagh Avenue,Milton
Park . Harare
35 Quorn Avenue
Mt Pleasant
Harare
14 Longcheng Plaza, Belvedere.
Harare
282 Herbert Chitepo Avenue,
Harare
313 Kingdom Building, 9th
Avenue/J. Moyo Street,
Bulawayo
Suite 106, First Floor, 30
Samora Machel Avenue, Nicoz
Diamond Building, Harare
2 Downie Avenue, Belgravia.
Harare
5th Floor, Chiyedza House, Cnr
First Street/Kwame Nkrumah
Ave, Harare
114 Herbert Chitepo, Harare
97 Jason Moyo Street, Bindura
114A Herbert Chitepo Street,
Harare
No. 6 Aberdeen Road,
Belgravia, Harare
16 Silwood Close, Chisipite,
Harare
47 Kwame Nkurumah Avenue,
Harare
9th Floor, Causeway Building,
Cnr 3rd Street & Central Ave,
Harare
Zimnat House, Cnr 3rd/Nelson
Mandela Street, Harare
African Century Gardens, 153
Josiah Chinamano Avenue,
Harare
Office No.14, Mezzanine Floor,
Kopje Plaza Building, Cnr
Jason Moyo/Kaguvi Street,
Harare
Shop no.1, NSSA, Corner J.
Nyerere/S. Nujoma, Harare
Ground Floor, Century Towers,
45 Samora Machel Avenue,
Harare
Ground Floor, Trust Towers,
50-60 Samora Machel Avenue,
Harare
Block 4, Tendeseka Park, First
Floor, Samora Machel Avenue,
Eastlea. Harare
CONTACT NUMBER(S)
08677177346 / 0712237111
4 332297/ 4 332299
04 741318/0772 900 510
(04)702600-4; 0772513719;
0773549426
09-887415
0777 144 795
263 04 250 321 – 4, 263 772
268 209
04-734595-9, 700602
08677004755 / 04 252813
0712409705/ 0772688710
0773 681 158
774211370
04-333692-3/302495,
334834, 333908
04490264, 498955, 263 731
969 515
0737244779/ 0779750238/
04 745 119/745133
0242 255666; 250442;
0773411809
4701176, 707591-6
04-705503, 341
04-771684, 770095, 705969,
749910, 0772410677
04-704635, +263
250361/375
+263 775 906 797/ +263
773 811 556/ 748570
0774303710 /
2251531/32/36
+263 4 446 328/9 / 0772 277
799 / 0773 423 078
52
EMAIL ADDRESES
sarah@asgard.co.zw
administration@virlmicrofinance.c
o.zw
sphelanmarufu@gmail.com
/pmataruse@gmail.com
emukurazhizha@wedb.co.zw
wintron@mweb.co.zw
lewis.madafi@wisrodinvestments.n
et
tchitsva@dbfcapitalpartners.com
emuzvondiwa@crownsec.co.zw
connimhlanga@gmail.com
blessingkatuka@gmail.com
yonderrift@gmail.com;
rpasi@yonderrift.org
gjokonya@gmail.com;
info@zambukotrust.co.zw
grace@ziadacapital.com;
vickie@ziadacapital,com
admin@zibuko.com;
ttamba@zibuko.com;
tmangoma@zibuko.com
admin@zmwft.co.zw;
brian@zmwft.co.zw
shonhiwag@zimnat.co.zw
enquiries@africancentury.co.zw
innosithole@gmail.com
terrence@getbucks.com
povertyalleviation16@gmail.com
mandas.marikanda@womensbank.c
o.zw
emakoni@empowerbank.co.zw;
kmphiningo@empowerbank.co.zw
53