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Money lenders’ wings clipped

Staff Writer

MONEY-LENDING institutions, which had taken the country by storm as a source of easy cash, have had their wings clipped by the Reserve Bank of Zimbabwe (RBZ).

=”Verdana, Arial, Helvetica, sans-serif”>The central bank yesterday said micro-finance and money lending institutions now have to apply for registration through its Supervision and Surveillance Unit.

Some of the institutions were not registered but continued to collect money from the public.

The RBZ said a non-refundable application fee of $2 million for a micro-finance licence and $1 million for a money-lending licence must now accompany completed application forms. The form is to be approved by the director of the supervisory unit.

The bank said a minimum paid-up capital of $50 million for micro-finance institutions and $10 million for money-lending institutions was now required for registration.

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