Gilbert Muponda mulls move to micro-finance

Local investment group, GMRI Capital has mobilised capital for a new micro-finance venture it plans to start soon.

GMRI Capital is looking at expanding into the micro-finance sector taking advantage of its already existing presence in the SMEs sector.

GMRI founder Gilbert Muponda said the group has already fundraised for the new division should it get the necessary approvals or should the group acquire an operating concern.

Muponda was co-director of collapsed ENG Asset Management.

He was specified in 2004 and de-spicified in 2011 while the Reserve Bank of Zimbabwe in 2015 said it had no adverse information against him but that the businessman just like any other person will undergo normal vetting should he decide to apply for a banking licence, acquire significant shareholding or be appointed a director of a local finance institution.

Muponda said the group is in discussions with local and foreign investors particularly South Africa and Namibia.