Lion Microfinance Limited was on Friday placed under the management of a curator. This was revealed by the Reserve Bank of Zimbabwe in a statement. The statement reads:
Notice is hereby given that Lion Microfinance has today been placed under the management of a Curator, for a period of three months in terms of the Microfinance Act [Chapter 24:29].
This follows a determination that the institution is not in a sound financial condition mainly due to critical under capitalisation and weak corporate governance.
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Further, take notice that the Deposit Protection Corporation has been appointed the Curator of Lion Microfinance Limited.