22 January 2018
Kasukuwere begs ED for forgiveness: official
Chinamasa to divert wages to devolution
Dump Mugabe regalia, Zanu PF official
Mugabe exploited my illiteracy: Mujuru
Engineers group to expose fake degrees
Grandpa, 83, says minor pestered him for sex
Poet poses as Zimra officer, blows $35k
Choked as 2kg's of cocaine tested in court
Gemmology center in Mutare soon
NRZ loss as gold miners damage rail line
Unpaid Mr ugly reports sponsors to ZRP
Zim author releases new book in USA
Anger as Dembare approach City player
Cricket: ICC clears Zimbabwe's Vitori
Mnangagwa’s ‘New’ Zim merits support
Zhuwao: kleptocracy and EDiots in Davos
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
Government to ‘bend over backwards’ to save MicroKing, Chinamasa
05/03/2015 00:00:00
by The Source
Government will intervene to save micro lender ... Patrick Chinamasa
Barclays Africa fails to acquire Zim unit
Atlas Mara disposes Brainworks stake
French investor in $20m MicroKing rescue
Local banks react as firms go offshore
Union blames RBZ for bank collapses
Nigel: Making money not making 'cents'
CBZ Bank earnings down 9 percent
AfrAsia Bank: From icon to financial washout
Chanakira formed AfrAsia Bank collapses
Banks cut 1,000 jobs last year, union

THE government has said it will rescue MicroKing, the micro-lending arm of AfrAsia Bank Zimbabwe after visiting United Kingdom secretary for international development, Mark Lowcock raised fears over British investment in the institution.

AfrAsia Bank was closed last week when its Mauritian owners pulled out.

Finance minister Patrick Chinamasa told journalists on Wednesday evening that the British have $800,000 worth of investments in MicroKing.

The lender is facing an uncertain future after it was put up for sale by Mauritius incorporated AfrAsia Bank Limited, along with asset manager AfrAsia Capital Management (ACM), before AfrAsia’s exit from the former Kingdom Financial Holdings.

The investment was part of UK’s drive to promote small-to medium enterprises in the country through the Department for International Development (DFID).

“MicroKing has been successful in engagements it had with its clients to include low income people. They have been servicing the resources we have been putting into them. They have been successful in recovering and the payment ratio is good,” said Lowcock.

“Our interest is to see a resolution of the current situation which enables that to continue. I know the ministry and the governor have the same interest. It is for the authorities to work it out. Our main interest is the interests of customers at MicroKing.”

Central bank governor John Mangudya said the micro lender was in talks with potential investors.

“We will bend over backwards to save MicroKing,” Chinamasa replied.

“What Mr Lowcock is actually saying is that poor people pay better than rich people. They don’t do insider trading, they don’t borrow to go and build mansions like what we have witnessed elsewhere in this country. They are ethical enough, they honour their obligations.”


Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it






Face Book



comments powered by Disqus
RSS NewsTicker