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ExpressCredit raises P103m for local microlending

Charlotte Mathula
Charlotte Mathula

Local microlender, ExpressCredit has raised $9 million (P103 million) in funding to support its loan book growth and reach in the market, BusinessWeek has learnt.

ExpressCredit is among the country’s top 20 microlenders, whose combined assets were measured at P6.3 billion last year.

Local microlenders are not deposit takers and thus raise the funds they require for the lending activities through external financiers. ExpressCredit’s latest boost has come from a US-based alternative asset manager.

Editor's Comment
Human rights are sacred

It highlights the need to protect rights such as access to clean water, education, healthcare and freedom of expression.President Duma Boko, rightly honours past interventions from securing a dignified burial for Gaoberekwe Pitseng in the CKGR to promoting linguistic inclusion. Yet, they also expose a critical truth, that a nation cannot sustainably protect its people through ad hoc acts of compassion alone.It is time for both government and the...

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