Shorecap and Kibo Fund LLC, have started the sale of its stakes in Madison Finance Company (Z) Limited (MFinance) in October 2015. At the time of investment, MFinance was a micro-finance lending company with plans of becoming a micro-finance bank. During the investment period, MFinance has evolved from being a non-deposit taking MFI towards being regulated as a deposit taking Micro Finance Institution. MFinance’s current business model includes providing short-term loans to employees of both private and public organisations through payroll deduction agreements and providing specialised products to small and medium-sized enterprises. MFinance currently ranks as one of the leading (no. 3) micro-finance institutions in Zambia. MFinance is licensed as a Non-Bank Financial Institution and regulated by the Bank of Zambia.
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