Microcred takes over Microking ownership
GLOBAL micro-finance giant Microcred has taken over the ownership of Microking Private Limited, a defunct unit of the AfrAsia Kingdom Bank, which ceased operations in 2015 after the central bank cancelled its licence.
The move is set to revive the fortunes of micro-finance institution by broadening and adapting its services and taking business to the next level.
“What was Microking Finance (Pvt) Limited is now Microcred Zimbabwe (Pvt) Limited. We have reinvented our self and grown better to serve you at the highest international level whilst remaining highly accessible and approachable. One thing that we won’t change, but rather amplify, is our belief in the people that we serve and their dreams,” said Microcred Zimbabwe.
Microcred Group jointly owns the new operation with AfricInvest Financial Sector Fund. In terms of the deal, Microcred will own 70 percent of the local business while AfricInvest owns the remainder.
The two firms reportedly plan to pump in more than $20 million into the Zimbabwean micro-lender in the next two years as well as upgrade it into a microfinance bank.
MicroCred has operations in China and in six other African countries, namely Cote d’Ivoire, Madagascar, Mali, Nigeria, Senegal and Tunisia. — @BiancaMlilo. games and others.
“The response has been overwhelming, a lot of people are excited about our opening. We did not want to rush the upgrades that have been made to the operational building so that we really have a good structure as you are witnessing,” he said.
Mr Makuro said the firm had challenges sourcing material for upgrades as some of it was not available locally and had to be sourced from Bulawayo and Harare resulting in delays.
“We will definitely be driven by value for money, generosity and respect for the customer. We realise that to grow our business by the day we need happy customers at our tills.
“If the business demands more labour we will continue recruiting, currently we have an additional six people we have trained to be readily available as and when business will require their expertise,” said Mr Makuro.
On commitment to quality service, he said suppliers have been given standards and requirements in order to control inputs adding that only shortlisted local suppliers that meet standards would be considered before engaging external suppliers where possible.
Also speaking to Business Chronicle, Johannesburg based Spur International Development manager, Mr Ranesh Sewparsad, said Captain DoRegos in Hwange will follow in the footsteps of Spur International as a leading African fast food brand.
“Spur International is the number one brand in African fast foods and Captain DoRegos will follow in its footsteps through offering quality food and high standards of training. We will continually offer our support, anything we do for Spur we will definitely do in Hwange,” said Mr Sewparsad.
New kid on the block, fast-food chain, Captain DoRegos in Hwange, and insets (top) Mr Blessing Makuro and (bottom) final touches being carried out at the new site