Finance company opens branch in Bulawayo
YAMBUKAI Finance has opened a new branch in Bulawayo, which is meant to support the growth of the city’s economy through supporting different sectors including the small and medium enterprises (SMEs)
The new branch is the company’s 11th since its establishment in 2000.
The company, which has three branches in Harare and others in different towns and cities across the country said the new branch which is in the southern part of the country is meant to service the region after realising that there is a lot of development, which is happening across the region.
In an interview during the grand opening of the branch in Bulawayo Yambukai Finance managing director Mr Alex Muzvondiwa said the microfinance company has ridden a lot of storms which include the 2003 and 2008 hyperinflation and the 2019 change of currency.
He, however, said in 2021 the company partnered with the LOLC, a largest diversified conglomerate from Sri Lanka which has operations in more than 30 countries in different sectors, which include microfinance, insurance, banking, leisure and in manufacturing.
“This Bulawayo branch is the 11th one that we have opened. We have three branches in Harare, one in Chitungwiza, another one in Mutare, Marondera, Masvingo, Gweru, Kwekwe and in Gokwe and plans are still afoot to establish more branches.
“Why Bulawayo? As you know Bulawayo is a second largest city so it just makes sense to have representation here and Zimbabwe is made up of two major languages which is Ndebele and Shona so we felt our representation in this region was not strong and we want to be a national institution by covering every part of the country,” said Mr Muzvondiwa.
“There are a lot of commercial activities that are happening in Bulawayo including the growing small and medium enterprises (SMEs) so, we would want to provide a helpline in times of need even for those SMEs.”
Yambukai Finance offers short and medium term loans which include, salary-based loans, business loans which include order financing, assets-based loans and insurance-based loans among others.
Mr Muzvondiwa said their company is also trying to demystify the microfinance sector where he said the company is operating within Government laws and regulations with reasonable interest rates and proper collection processes and adhering to client protection principles.
In his presentation during the launch, Bulawayo Chamber of SMEs co-ordinator Mr Nketa Mangoye Dlamini said Bulawayo as a province is trying to develop and grow the SMEs sector, therefore there is need for companies that offer finance services for the micro, small and medium enterprises (MSMEs).
“Our belief is that when you come into the finance space, you are going to assist us, the SMEs and other individuals who have large corporates.
“We have been crying access to finance but I think the trick is access to reasonable priced finance to say yes there is money but I shouldn’t get it at exorbitant rates because the issue is to get the money, we use it and we develop our companies from micro to small to medium and then to large corporates,” said Mr Dlamini.
“That will be better for Bulawayo as an economy. On behalf of all SMEs and other friends, we welcome you to the City of Kings.” —-chronicle
