MICROFINANCE lender, Lic Finance Private Limited says it is targeting a 100 percent growth on its loan book from the current $500 000 to $1 million by year end as it seeks to increase lending to the growing small to medium enterprises and civil servants.Within the next two years, the financial institution is also planning to launch into the region while pursuing bank status. The firm is lending mostly to budding entrepreneurs streamlined from the main stream banking industry, efforts that meet up with the broader economic development agenda under the economic blue print Zim-Asset, that of boosting individual enterprise.
According to the National Microfinance Policy, microfinance is the provision of a range of financial services, including savings, small loans, insurance and money transfer services to marginalised members of the population and SMEs that do not have access to finance from formal financial institutions.
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Source: All Africa