Zimbabwe's microfinance sector nearly doubled its US dollar loan portfolio to $48.63m in Q1 2024, with over 80% of transactions in foreign currency.
Microfinance sector in Zimbabwe nearly doubled its US dollar loan portfolio to $48.63m in Q1 2024, with over 80% of transactions now in foreign currency, mainly the US dollar. The sector has virtually dollarised, as the local currency has been rejected by the market. The Zimbabwe Association of Microfinance Institutions' analysis revealed that loans and advances amounted to ZWL1,09 trillion (US$49.67m) as of March 31, 2024, up from ZWL343.2 billion in Q4 2023.
June 12, 2024
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