MICROCAPITAL BRIEF: First Money Microfinance of Zimbabwe Offers iSave Debit Card in Partnership with Econet's Steward Bank

First Money Microfinance Services, a provider of loans, insurance and money-transfer services in Zimbabwe, recently debuted the iSave debit card, which allows customers to make purchases at 70,000 point-of-sale locations served by the country’s Zimswitch network. The debit card carries no monthly fees and has a usage limit of USD 3,000 per month. It is issued through Steward Bank, which is controlled by the South Africa-based Econet Group.

Founded in 2016, First Money is owned by a group of UK-based private investors. Its funders include the Zimbabwe Microfinance Fund, a trust funded by Dutch NGO Hivos and the governments of Denmark, Germany and the UK.

First Money has seven locations and offers group and individual loans for enterprise, consumption, education, healthcare and agriculture. Since its launch, the institution has approved 15,000 loans for 10,000 clients.

Sources and Additional Resources

New Zimbabwe story
https://www.newzimbabwe.com/first-money-microfinance-launches-debit-card-to-benefit-informal-traders/

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

MIX Market data on Zimbabwe
http://www.mixmarket.org/mfi/country/Zimbabwe

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