MICROCAPITAL BRIEF: Success Microfinance Bank (Formerly Collarhedge Finance) Acquires Deposit-taking License from Reserve Bank of Zimbabwe

Success Microfinance Bank, a financial institution in Zimbabwe formerly known as Collarhedge Finance, recently received a license from the Reserve Bank of Zimbabwe allowing it to accept deposits. Microfinance banks in the country are required to hold capital of USD 5 million and, as was announced in 2014, will be required to have double that amount by the end of 2020. (The requirement for microlenders will increase from USD 20,000 to USD 50,000 as of 2020.)

In February 2016, Collarhedge reportedly became the third institution in the country to receive a deposit-taking license. Neither Collarhedge nor Success have reported data to the US-based nonprofit Microfinance Information Exchange (MIX), and financial data on the organizations is not otherwise available.

The two MFIs in Zimbabwe that have reported data to MIX since 2015 hold an aggregated gross loan portfolio of USD 1.9 million, serve 6,000 borrowers and offer no deposit services.

Sources and Additional Resources

RBZ Licences Success Microfinance Bank
http://www.herald.co.zw/rbz-licences-success-microfinance-bank/

RBZ Registers Third Microfinance Bank
http://www.topnews.co.zw/read/291686/

Zimbabwe Association of Microfinance Institutions
http://www.zamfi.org/

MIX
http://www.mixmarket.org/mfi/country/Zimbabwe

Reserve Bank of Zimbabwe
http://www.rbz.co.zw/licensing-requirements.html

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