MFIs disburse $418,37 billion in loans

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MICROFINANCE institutions (MFIs) extended $418,37 billion in loans to various productive sectors of the economy during the second quarter that ended June 30, 2023, a 549 percent increase from the prior period, official figures reveal.
According to data from the Reserve Bank of Zimbabwe (RBZ), loans disbursed during the quarter increased from $64,46 billion in the first quarter of 2023.
The central bank said the average loan size per borrower improved from $224 766 to $1 403 807 over the same period, representing a 524 percent increase.
“The notable growth was attributed to increased demand for credit by micro-small-to-medium enterprises as well as low-income households seeking to supplement their disposable incomes,” the John Mangudya-led RBZ said in its latest report.
For the period under review, the aggregate equity of the microfinance industry was $301,14 billion, a significant increase of 565,36 percent over the $45,26 billion reported in the prior quarter.