Access Financial Services Limited, a Jamaican provider of payday and business loans, recently bought Jamaican microfinance institution Micro Credit Limited (MCL) for JMD 80 million (USD 630,000). MCL offers loans for vehicles, education and farming as well as for business and personal use. Founded in 2003, it has six branches and a net portfolio of JMD 92 million (USD 720,000) as of March 2017.
In early 2017, Access Financial acquired Damark Limited, a microfinance institution serving mainly government workers, for JMD 180 million (USD 1.4 million). Access will retain both brand names, Damark and Micro Credit Limited.
Founded in 2000, Access Financial has 17 branches, total assets of JMD 3.1 billion (USD 24 million), a gross loan portfolio of JMD 2.6 billion (USD 20 million) and an annual net profit of JMD 678 million (USD 5.3 million) as of March 2017.
By Sascha Strobl, Research Associate
Sources and Additional Resources:
http://jamaica-gleaner.com/article/business/20170623/access-financial-acquires-another-rival
Access Financial:
http://www.accessfinanceonline.com
Micro Credit Limited:
http://mcljamaica.com
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
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