RBZ applauds First Mutual microfinance
STAFF WRITER
Susan Kabungaidze, deputy director for banks supervision at the Reserve Bank of Zimbabwe (RBZ), has praised First Mutual Microfinance and other microfinance organizations for being instrumental in promoting financial inclusion and fostering economic growth and development.
She spoke on Friday at a ceremony to mark First Mutual Microfinance’s 5th anniversary in the capital Harare.
“I encourage First Mutual Microfinance to continue to develop tailored products, services and infrastructure that cater to the unique needs of the underserved members of society,” she said.
Microfinance General Manager Max Ncube said: “I am humbled to stand before you on this occasion celebrating what is a significant milestone in our journey as we celebrate five years of growth, resilience, and commitment to financial inclusion today.
“On this special day, it is my pleasure to reflect and take you through the road that First Mutual Microfinance has travelled and share our vision for the future.
“Since our incorporation in 2018, First Mutual Microfinance has remained steadfast in its mission to provide diverse financial solutions to our communities. “Beginning with the takeover of First Mutual Holdings Limited Staff Loans in January 2019 and opening our services to the public the same year, we have grown from those humble beginnings into a robust financial institution.”
He added: “Today, we proudly rank third among Microfinance Institutions (MFIs) in Zimbabwe, with a loan book of US$8m and over 18,000 clients served through our network of eight branches spread across Harare including Mbare, Bulawayo, Mutare, Gweru, Masvingo, Chiredzi and Bindura.
“Our product portfolio is equally diverse, offering salary-based loans, agricultural loans, value chain loans, pen fattening loans, cattle-based products for SMEs, and loans for informal markets. This diversity ensures that we meet the needs of our varied clientele, from individuals to small businesses and farmers.
“Customer convenience is at the cornerstone of our operations. We have enhanced accessibility by establishing a large network of over 150 agents spread throughout the country, in addition to our eight physical branches.
“Additionally, we have embraced technology, ensuring that our clients can reach us online via our website, telephone, and most importantly, through our WhatsApp platform making on boarding and service access easier.”
Looking ahead, Ncube said First Mutual Microfinance’s strategic role within First Mutual Holdings Limited was clear.
He said the company aim to drive the financial inclusion agenda, bringing together insurance, financial, and microfinance services into one comprehensive offering.
“As we look five years into the future, our vision is to become the preferred provider of financial solutions in our chosen communities, a vision that is backed by our core values of integrity, accountability, professionalism, sustainability, care, and innovation.
“As we celebrate this 5th anniversary, I am filled with gratitude for the support from our clients, partners, and every member of the First Mutual Microfinance family. “Together, we have built a solid foundation for a brighter future. As we move forward, our commitment to serving the underserved and marginalised remains unwavering.
To everyone who has been a part of this journey, thank you for your dedication, hard work, and belief in our mission. Here’s to the next five years of growth, success, and making a positive impact,” Ncube said.
