Articles tagged 'loans'

RBZ moves to curb multiple borrowing 12 August 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) is set to establish a central registry to avoid prospective borrowers from using the same asset for multiple loans under the Movable Property Security Interests Act. This comes as the Movable Property Security Interests Bill, which seeks to provide f...
1 500 moneylending institutions close down 9 July 2017 HARARE - Viability challenges and Zimbabweans’ inability to repay loans has resulted in 1 521 moneylending companies closing down in the past 14 years, amid fears the biting liquidity crisis will result in more microfinance companies twisting in the wind. Observers, however, believe microfinan...
Zanu PF chefs bleed banks dry 19 June 2017 HARARE – Politicians, particularly the elite in Zanu PF, are proving to be a thorn in the flesh for the financial services sector, with hardly a month passing without the Deputy Sheriff being called in to put assets of defaulting politicians under the hammer in order to offset their non-performin...
Support for Bill accepting cattle as collateral 14 April 2017 HARARE - A new law presented to the National Assembly on Tuesday that allows rural poor to deposit cattle as collateral for cash loans has received wide cross-party support. The Movable Property Security Interests Bill enjoins the Reserve Bank of Zimbabwe to compile and administer a collateral...
'Banks must cap interest rate on loans' 9 December 2016 HARARE - Commercial  banks in Zimbabwe must start applying caps that will limit their lending rates to a few percentage points above the National Social Security Authority (Nssa)'s five percent benchmark interest rate,  a Cabinet minister has said. Labour and Social Welfare minister Prisca Mup...
Buyanga fights against odds 18 November 2016 JOHANNESBURG - Call him unlucky or dodgy, whichever way you look at it Zimbabwean financier and moneylender, Frank Buyanga, can fight. He was trapped in his adopted country, South Africa, after Interpol issued him with so called red notice in February2012. This is issued to a person subject to...
CFI remains in the red 3 June 2016 HARARE - Agro-industrial conglomerate CFI Holdings (CFI) has remained in the red despite reducing its loss to $3,3 million in the six months to March 2016 against a loss of $3,7 million loss recorded in the same period last year. The group's acting chairperson, Grace Muradzikwa, yesterday said...
Zim seeks SA loans 27 September 2014 HARARE - Zimbabwe is seeking concessionary loans from South African development finance institutions. Finance minister Patrick Chinamasa said South Africa would not benefit from charging Zimbabwe high interest rates on loans as it was probable that hard-pressed country would fail to pay back. ...
BAZ speaks on bad loans 3 September 2014 HARARE - Reserve Bank of Zimbabwe (RBZ)’s move to create a special purpose vehicle that houses $700 million non-performing loans (NPLs) will help ease the liquidity crisis in the country, the Bankers Association of Zimbabwe (Baz) has said. Sam Malaba, the association’s president, said the vehi...
'State loan defaulters crushing govt' 23 April 2014 HARARE - Government has been blamed for the high number of people failing to pay back State loans due to its failure to punish defaulters. President Robert Mugabe reprimanded people who are in the habit of defaulting on their debt obligations, saying the culture was detrimental to the country’...
Zim pursues SA, Botswana loans 7 February 2014 HARARE - Financially-squeezed Zimbabwe government is still pursuing over $200 million in loans, pledged by regional countries nearly five years ago, to revive its stuttering economy. In 2009, following the formation of a coalition government between long-time rivals President Robert Mugabe and...
Loans distribution 'unhealthy' — Biti 17 March 2013 HARARE - Finance minister Tendai Biti has lambasted the distribution of loans by the financial sector, which is heavily inclined towards the non-productive and consumptive sectors of the economy. This comes as 16 percent of loans disbursed by banks in December last year were advanced to individua...