Monday
June 26
2017

Zimbabwe cash crisis hits microfinance institution GetBucks

GetBucks chief finance officer Paul Soko told journalists at the company’s extraordinary general meeting (EGM) yesterday that customers of the deposit taking microfinance institution have been hard hit by the cash crisis.

“When we do have cash we have been able to disburse money, but particularly bond notes that we are receiving from the Reserve Bank of Zimbabwe. It differs daily based on demand so on one day it can be $30, $50 and $100. Its similar with what is prevailing in the market,” Soko said. “What we have resorted to doing is we have given our customers the ability to receive their funds from whatever electronic platform, RTGS, mobile wallet we are able to disburse into and out of those channels. So that is how we have enabled our customers to transact at the moment.”
GetBucks was the first to list IPO and bond on the Zimbabwe Stock Exchange.

Source: Zimbabwe Daily (link opens in a new window)

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Africa, banking, microfinance, Zimbabwe