Lion Microfinance Limited curatorship extended
Staff Writer
HARARE, Zimbabwe bank depositors’ insurer, the Deposit Protection Corporation (DPC)’s curatorship for Lion Microfinance Limited has been extended up to July 31, 2020.
The Reserve Bank of Zimbabwe on July 26, last year, placed the institution under the curatorship of the DPC for a period of three months, citing under capitalization and weak governance.
However, the Microfinance unit has since re-opened as it continues with its recovery process under the curator-ship of the DPC appointed Ngoni Kudenga of BDO Tax and Advisory services as the agent to manage the curatorship process.
“Notice is hereby given that the Curatorship of LION MICROFINANCE LIMITED has been extended by a further period up to 31 July 2020. The Reserve Bank of Zimbabwe has similarly extended the appointment of the Curator, the Deposit Protection Corporation accordingly,” the central bank said in a statement.
As at last year, microfinance institutions (MFIs) operating in Zimbabwe were required to meet a minimum capital requirement of RTGS $5 million.
Deposit Taking Micro-Finance Institutions are a special breed of micro-finance institutions, whose operations, while smaller, are close to that of a commercial bank.
