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Zimbabwe Association of Microfinance Institutions (ZAMFI)

Zimbabwe Association of Microfinance Institutions (ZAMFI) Newsletter

Zimbabwe Association of Microfinance Institutions (ZAMFI)

Microfin Bulletin
Issue no. 1, June 2005

SARPN acknowledges permission from ZAMFI to post this newsletter.
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  • AGM elects new board members
  • Zambuko launches AIDS campaign
  • Editor’s Note
  • Opinion
  • Namibian visits ZAMFI
  • Annual General Meeting
  • RBZ requirements normal
  • New members
  • Featured member
  • Member Activities
  • Focus on HIV/AIDS
ZAMFI amends constitution

In an effort to attain a 100% representation of the microcredit sector, the ZAMF) Annual General Meeting (AGM) held on 6 May 2005 amended the association's constitution to accommodate all moneylending and microfinance institutions (MFIs & MLIs) registered by the Reserve Bank of Zimbabwe.

The amendment which effectively seeks to make the association's membership open to all registered MFIs & MLIs comes at a time when the Reserve Bank of Zimbabwe RBZ has so far registered at least 25 MFIs and 109 MLIs. ZAMFI now feels that by taking on board all licensed microcredit institutions in the country, it is assured of representing an ethical and incorruptible microcredit family.

Speaking after the AGM, the association's Chairman Mr. Jestias Rushwaya said the move to take everyone on board was largely necessitated by the challenges being faced by the association in its advocacy and lobbying functions.

He said the association has resolved to accept only MFIs and MLIs registered by RBZ to avoid accepting dubious players, like loan sharks who take the borrowing public to ransom by charging exorbitant interest rates and through unethical realization of securities.

The ZAMFI Executive Director Mr. Godfrey Chitambo said the association expected to represent at least half of all registered microcredit institutions in Zimbabwe by the end of the year.

He said: “We will be launching our membership drive in early June and we hope to be representing at least half of all the registered MFIs and MLIs by the end of the year.”

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