Micro-finance sector sees growth

BUUMBA CHIMBULU writes AS the Covid-19 pandemic continues to cause losses in all sectors of the industry, Microfinance Zambia has exceeded its key performance indicators for the first quarter this year. Such indicators include liquidity and profitability despite the Covid-19 pandemic that has significantly affected the industry, says Microfinance Zambia Acting Chief Executive Officer, Mpimpa Miyoba. “I am pleased with our promising start to the year 2020 where in quarter one we have exceeded our key performance indicators. “We look forward to continuing to build on our promising start to the year to serve and grow our customer base,” Mr Miyoba said in a statement yesterday. He also announced that Microfinance Zambia had emerged among the top three micro-finance institutions for in terms of profit in the country. Mr Miyoba explained that this was a positive performance for Micro Finance Zambia despite the macro-economic headwinds the market experienced. He said the 33 percent growth in customer deposits and savings was a testimony of the confidence that customers had in Microfinance Zambia. “I am particularly impressed with our notable balance sheet growth which has seen us grow by 41 percent and extremely pleased with our profit for the year which stood at K24, 097,000 and makes us one of the leading micro finance institutions in Zambia by profit,” he said. Outgoing Microfinance Zambia Chairperson, Ngosa Chisupa, commended the Microfinance Zambia management for delivering a commendable 2019 performance. “I am proud to have presided over the Board of Microfinance Zambia, which has been a trendsetter in micro finance services and has covered a lot of ground as an institution in promoting financial inclusion among our targeted clients.  “This has resulted in a positive performance over the years evidenced by recording consecutive profits as shown in the published financials,” Mr Chisupa said. Meanwhile the Board of Microfinance Zambia has announced the appointment of Ackim Chalwe as Chief Executive Officer for Microfinance Zambia, subject to Bank of Zambia approval. The Sun