African Century, which is registered as African Century Leasing, will soon roll out a branch network to enable it to collect deposits from members of the public who want to make savings, it has been established.
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The company’s managing director Stanley Matiza said the current local market has limited options for those who want to make savings.
“We will roll a branch network for the lower end of the market. It is all about banking inclusion where we are saying we want to give you a return on your savings. We are trying to come up with a platform for small players,” he said.
But Matiza said thresholds of the amount of money to be saved by the small players were still being worked out.
He said African Century would next week be in a better position to discuss in detail some of its products as from next week.
African Century is the first deposit-taking microfinance institution in the country after being given a licence by the Reserve Bank.
Microfinance institutions provide financial services to local individuals and groups. They are aimed at fostering economic activity among low income earners, for whom access to official banking services is difficult.
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Africa Century was set up in 2010 as a leasing company in the local market after the country adopted the multicurrency regime in 2009. The company has grown to be a lease finance company for vehicles and machinery with clients from both the private and public sectors.
The shareholders of African Century Limited are African Century Leasing Limited Mauritius and the Management Staff Share Scheme. The shareholders also have a shareholding in NMB Bank..
Since its official launch in 2011, Africa Century now has a lease book of $25 million with over 800 leases granted since incorporation. The business has raised several third party credit lines from Afreximbank, FMO, the Soros Economic Development Fund and Norsad among others.
