African Century licensed for international banking

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AFRICAN Century Limited (ACL) can now conduct international banking business after it was granted a licence by the Reserve Bank of Zimbabwe (RBZ), an official has said.

The institution, which had traded as a focused leasing company since 2011, was licensed as a deposit taking microfinance institution in 2016, and this has enabled it to offer a wider range of products, while “broadening its funding base”. “Subsequent to year end, the company was licensed as an authorised dealer by the RBZ. This means that the company can now conduct international banking business including facilitation of imports and exports as well as making outward payments via telegraphic transfer,” Victor Gapare, ACL’s board chairman, said last week in the bank’s results for the year ended December 31, 2019.