Govt to amend Microfinance Act


ZIMBABWE’s microfinance institutions and the government have agreed to amend the current Microfinance Act to extend the licence tenure for money lenders from 12 months to three (3) years.


The Zimbabwe Association of Microfinance Institutions (Zamfi) executive director Godfrey Chitambo told Southern Eye Business that amendments had already been agreed on by all stakeholders, including the Finance ministry and Reserve Bank of Zimbabwe .

“The most urgent requirement is adoption of amendments to the current Microfinance Act. Among these amendments, is the contentious issue of the one-year Microfinance Institution (MFI) licence tenure which needs to be revised to at least three years,” Chitambo said.

He said renewing a licence was cumbersome as it required a lot of paperwork and payment of at least $150. As at September 30 2014 the sector’s total loans amounted to $151,8 million down from $164,2 million as at December 31 2013.

The microfinance sector comprises 147 credit only MFIs and one deposit-taking microfinance institution that was recently licensed by the regulatory authority. The MFIs have branches totalling 473 countrywide, offering credit facilities to individuals and corporates.

Chitambo said the sector required huge and massive injection of capital even in the form of foreign direct investment and in the long term, their plan was to secure funding for their sector from various development partners, including the fiscus.

“In addition, we look forward to making our modest contributions to the financial inclusion agenda in this country whereby every citizen has formal access to financial services at affordable and reasonable costs,” he said.

He said major challenges plaguing the sector were around issues of unskilled labour force, poor loan quality, undercapitalisation, weak outreach and high concentration of lending towards civil servants. He, however, said challenges were being addressed gradually by Zamfi through a massive capacity building programme.

Chitambo added that huge opportunities for offering loans existed as banks continued to shy away from the so-called “unbanked risky customers”.

In 2013 the government gazetted a new Microfinance Act, which provided for regulation and supervision of credit only and deposit-taking MFIs because of concerns clients were being prejudiced by deposittaking institutions, some of which have been closed.


  1. PATELGATE-MR RAJU M FERCO PATEL HAS MORE MONEY THEN MR MUGABE.HSBC BANK.HSBC Investigations Reveal Majority Account Holders White Zimbabweans
    The HSBC staff helped clients in many different ways to dodge tax compliance and foreign exchange laws in various countries.
    The HSBC staff helped clients in many different ways to dodge tax compliance and foreign exchange laws in various countries.

    Ray Choto
    09.02.2015 20:28

    Investigations into millions of dollars stashed in Swiss accounts of HSBC in 2006 and 2007, reveal that the majority of those who evaded paying taxes this way, were white Zimbabweans.

    Leaked documents of the HSBC transactions that the French newspaper, Le Monde, sourced, and supplied to the International Consortium of Investigative Journalists, of which Studio 7’s Ray Choto is a part, reveal that blacks possessed only 10 bank accounts of the 198-listed, and that the amount totaled less than $2 million.

    In addition to the majority white Zimbabweans, other holders listed included members of the Indian community and private individuals.

    Some of the people on the list include Penelope Margot Sheldon ($12,239,160.00); Raja Manubhai Patel ($9,263,275.00); Jayesh Hashmukh Shar ($5,744,364.00; Mandy Feldman ($7,086,901.00); the Fintz family ($6,789,940.00); Paul and Claude Gubbay ($6,416, 638.00); Eleftherios Charalambas Angelos ($5,440,494.00) and Brian and David Brom ($4,845,444.00).

    Trevor Martin, Simone Marie and Peggy Honora Hafford ran a trust account, which had $3,003,607 in HSBC.

    The black Zimbabweans listed are Roger Boka, the late business tycoon and owner of Boka Tobacco Auction Floor ($4,961.00); Fanuel Muhwati, the late CEO of Flexible Packaging; Federick Mutanda, chairman of Caps Holdings ($1,005,766.00); the late Josiah Tungamirayi, former Zanu PF youth boss (account closed), and renowned eye surgeon, Dr. Solomon Guramatunhu, and his son, Tafadzwa (account closed).

    As reported earlier, the HSBC staff helped clients in many different ways to dodge tax compliance and foreign exchange laws in their respective countries.


    Eleftherios Charalambos Angelos – $5,440,494.00

    Brian Rodney Brom – $4,845,444.00

    David Myer Brom – $4,845,444.00

    Frederick Mutanda – $1,005,766.00

    Tevor, Janine, Margaret, Blair Hafford – $3,003,607.00

    Simone Marie Hafford – $3,003,607.00

    Leslie Khalastchi – $2,401,384.00

    Roger Boka – $4,961.00

    Stuart David Robertson – $30,172..00

    Chhitubhai Magan Pater – $491,966.00

    Pamela Turi – $1,348,649.00

    Penelope Margot Sheldon – $2,239.160

    Rajah Manubhai Patel – $9,265.756

    Jayesh Mashmukh Shah – $5,774,369

    Mandy Feldman – $7,086.90)

    Karen Lucy Chesno Fintz – $6,789.940

    Peggy Honora Hafford Trust – $3,003.607

    Brian Rodney Brom – $6,353.718)

    Paul and Claude Gubbay – $6,416.630

    More figures and details to follow Tuesday. Meanwhile, follow this link:
    “” id=”icij-swiss-leaks” style=”height: 740px; width: 100%; max-width: 920px; margin: 0 auto”>

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