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ZIMBABWE SCRAPS CRIMINAL DEFAMATION LAWS

HARARE, Feb 5 - Zimbabwe's Constitutional Court has confirmed that criminal defamation is no longer part of the law following an application filed by the Media Institute of Southern Africa (MISA) in the country.The ruling is a concession by the State t...
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ZIMBABWE, EQUATORIAL GUINEA AGREE ON UN REFORMS

HARARE, Zimbabwe and Equatorial Guinea have agreed that Africa must finalise its position on the push for reform of the United Nations Security Council (UNSC).Emerging from a meeting which lasted more than three hours, President Robert Mugabe, who is t...
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It’s Official. 2015 Was the Hottest Year Ever. By Far

Least surprising climate news ever. "After month after month of record high temperatures, the final tally is in and 2015 has officially been declared the hottest year since modern record keeping began in 1880. Last year's temperatures burned through th...
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ZIMBABWEAN PARENTS STRUGGLE TO RAISE FUNDS FOR NEW YEAR EXPENSES

HARARE, Microfinance institutions (MFIs) across Zimbabwe are cashing in on the proverbial “January disease” as parents battle to raise funds to pay schools fees as well as cover other pressing domestic needs in the new year.

A survey by New Ziana on Wednesday found that the financial institutions, well known for their customer-friendly access terms but high interest rates, were struggling to meet demand for loans.

As the merry-making and festive season came to an end and the reality of pressing financial needs in January struck, many people, the majority of them civil servants, have seen MFIs as their financial redeemers as accessing loans from banks was not easy.

At the end of last year, Zimbabwe had a total of 116 registered MFIs, although hundreds more operating are known to operate illegally and are reputed for their crude tactics to recover loans.

Officials from the MFIs told New Ziana demand for loans was exceedingly high this month, with school fees topping the list for most people.

A Yambukai Finance official, Peter Musara, said the firm was on average serving around 50 clients per day since the beginning of the year. “There is a lot of pressure and demand for loans is very high,” he said.

Musara said the institution was extending minimum loans of 100 US dollars and maximum of 2,000 USD with the repayment period stretching up to six months.

An official at Masvingo-based Hillthru Enteprises who requested anonymity, said the MFI, which has 18 branches across the country, was failing to meet demand for loans at some of its outlets.

“As of December last year, demand was very high as a result of the bonus which did not come through,” he said. “And with the opening of schools in January, demand is very high such that in some of our branches, they are failing to match the demand.

Source: NEW ZIANA

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