Wednesday, February 22, 2017
In the past, micro-finance institutions in Zimbabwe were known for being the saviours of financially struggling individuals, to whom they would lend small amounts at extortionist interest rates of as much as 100 percent, particularly in January when many people would have run out of money after the festive season. Latest figures from the Reserve Bank of Zimbabwe tell a different story as it emerges that the micro-lenders have become the backbone of the country’s new economy-the informal sector which comprises small to medium enterprises as well as home industries.
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