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Illicit lenders capitalise on desperate Zimbabweans

Unemployment and the expanding informal sector had led to a high demand for loans to support survival and livelihoods.

Shamaine Chirimujiri chirimujiris@dailynews.co.zw MANY Zimbabweans are falling prey to usurious schemes amid a tough economic environment. This trend coincides with an increase in fake Micro Finance Institutions (MFIs) and illicit individual lenders, commonly known as “zvimbadzo”, which desperate individuals are increasingly turning to. In an interview, Godfrey Chitambo, Zimbabwe Association of Microfinance Institutions (Zamfi) chief…

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