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Micro-finance institutions, savings and credit co-operatives and micro-finance banks are the targeted beneficiaries of the wholesale facility, which is expected to go a long way in recapitalising the institutions by unveiling on-lending         loans.
Zamfi executive director, Mr Godfrey Chitambo told Business Chronicle yesterday that applications for funding under the facility had started coming through.

“Applications have started coming through and the money is sufficient. According to our projection for   the first year we are fully funded,” he said.
It is hoped that funding under the ZMWFT would be tailored to the specific risks and circumstances of each qualifying organisation and the use of the loans by beneficiaries will be limited to loan portfolio growth.
To be eligible for funding under ZMWFT, prospective beneficiaries should have the following attributes; provide proof that they are registered with   an appropriate authority, possess a valid licence from the Reserve Bank of Zimbabwe, show that micro-finance   is the core business, sound governance structure, skilled and experienced  board and senior management, have a minimum of 1 000 active borrowers  of which 50 percent are female as  well as having an average loan size of   $1 000 or less.

In addition, the potential beneficiaries should be able to provide a business plan for at least three years including financial projections and the underlying assumptions, produce report portfolio at risk greater than 30 days of 10 percent or less, provide audited financial statements for the past two years as well as aiming  for operational and financial sustainability.

“The facility is a revolving fund and we will soon embark on a fund raising campaign to donors to support the ZMWFT,” said Mr Chitambo.
Over the past decade, the micro-finance services sector has not been  spared from the adverse effects of economic melt down the country went through.

The ZMWFT was one of the long-term strategies adopted by Zamfi, which is the mother body of micro-finance institutions in Zimbabwe, to ensure  the sector fully emerges from the  woods.