Lion Microfinance to resume operations

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THE Reserve Bank of Zimbabwe (RBZ) this week re-licensed Lion Microfinance (Lion) to resume operations following the lifting of the micro-lender’s curatorship at the end of September.
Lion was placed under curatorship in July last year on account of “undercapitalisation and weak management,” and in January this year, seasoned banker Lynn Mukonoweshuro lost a legal battle to control the firm.

“It is hereby notified that following upliftment of curatorship on September 30, 2020, Lion has been re-licensed and authorised to commence deposit-taking microfinance business in terms of the Microfinance Act, with effect from November 23, 2020,” the central bank said in a statement on Wednesday.