RBZ gives seventh microlender nod to take deposits

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THE Reserve Bank of Zimbabwe says Ndoro Microfinance Bank, which was licensed in 2021 as a deposit-taking microfinance institution, has been authorized to conduct deposit-taking microfinance business.

The bank becomes the seventh such institution in Zimbabwe. The other six deposit-taking microlenders include GetBucks Microfinance Bank, African Century and the EmpowerBank.

Microfinance institutions have played a pivotal role in driving financial inclusion in the country.

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