Linden ‘Mark’ Mahfood and Robert Taylor recently launched Mundo Finance Limited, a Jamaican firm offering “short-term business loans, trade financing and personal loans” as well as financing for “solar installations in partnership with” Alternative Power Sources. Mundo CEO David Lee reports that his company’s interest rates are 8 to 35 points lower than those of other microfinance institutions.
Mundo was established in August 2017 and has eight employees. The lender is 50-percent held by the National Commercial Bank (NCB) Capital Markets Limited, the wealth and asset management division of Jamaica’s NCB. The price NCB paid for the stake has not been released.
As of 2015, NCB Capital Markets’ indexed bond portfolio had a net asset value of USD 10.91 and estimated yearly growth of 3.74 percent. The parent organization, National Commercial Bank Jamaica Limited, reported total assets of JMD 623.7 billion (USD 4.9 billion) and net profit of JMD 3.6 billion (USD 28.1 million), as of December 2016.
By Aleks Marceau, Research Associate
Sources and additional information:
Article from the Jamaica Gleaner:
http://jamaica-gleaner.com/article/business/20170901/new-microfinance-firm-enters-market-big-backing
NCB Capital Markets Limited home page:
http://ncbcapitalmarkets.com
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