The government of Zimbabwe has been liberalizing its Microfinance Act with provisions such as extending the validity of microfinance institution (MFI) license renewals from one to three years. Zimbabwe’s Finance Minister, Patrick Chinamasa, was quoted as saying financial institution “charges are just too high. With MFIs, it mostly has to do with the fact that investment in the sector is just too low, so companies just end up passing their costs to clients. Zimbabwe seeks to unlock economic opportunities, especially for the women and youths by expanding access to savings, credit, insurance, capital markets and payment systems.
For more on this story visit the following link: Zimbabwe Loosens Microfinance Regulations in Effort to Boost Investment; Deliver Range of Services to More Women, Youth