LISTED micro- finance institution GetBucks has to date taken US$2m in deposits since its licensing.
GetBucks was licensed as a deposit taking micro-finance institution by the Reserve Bank of Zimbabwe (RBZ) as part of efforts to broaden financial inclusion. The company managing director Mercy Muchando Murevesi said the company had received US$2m in deposits and opened 600 accounts.She said the company’s loan book stood at US$3m with over 300 small to medium enterprises (SMEs) having received credit from the institution.
We have US$2m in deposits from over 600 accounts and this is commendable considering the environment we are operating in. We have also introduced a wide range of products that include savings and transactional accounts.
We are also targeting 1000 accounts before conclusion of the first half of next year, our strategy is to ensure that we continue to enhance shareholder value,” said Murevesi.
The RBZ is also encouraging banks and micro- finance institutions to reorient their banking portfolios towards increased lending to productive sectors including SMEs.
She said the company had also broadened its loan portfolio with 30 percent now concentrated in the SMEs while the public service takes up the remainder.
“By mid next year, we are targeting to issue 35 percent of our loan book to SMEs with the public service taking up the remainder”.
She said the company was offering a 10 year mortgage in line with the country’s economic blue print ZimAsset.Murevesi said the company was now fully participant on the RTGS platform and was working on joining Zimswitch.