AfricInvest and Microcred acquisition of MicroKing Zimbabwe

10.03.2016

The AfricInvest Financial Sector Fund (AFS), together with the MicroCred Group, has reached an agreement to acquire 100% of MicroKing Finance in Zimbabwe. MicroKing was the leading MSME lender in Zimbabwe until its parent company was placed under liquidation by the Reserve Bank of Zimbabwe in February 2015. Microking has a wide network of branches in Zimbabwe, a strong brand name and a good staff base. AfricInvest will be acquiring a 30% shareholding and will follow in the recapitalization plan post investment.