Public warned against deposit-taking MFIs

THE Zimbabwe Association of Microfinance Institutions (ZAMFI) has warned the public against falling prey to illegal investment schemes as the country currently has no registered deposit-taking microfinance institutions.

ZAMFI executive director Godfrey Chitambo said the Reserve Bank of Zimbabwe (RBZ) had by February this year registered 147 micro-finance institutions (MFIs) with none of them authorised to take deposits from members of the public.

“We have been receiving calls from members of the public complaining that they have deposited money with some of our members,” he said at an Institute for Sustainable Africa policy dialogue forum for small business enterprise in Harare recently.

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