South African micro financier Finbond aims to get banking licence.

By bne IntelliNews November 29, 2011
South African micro finance institution Finbond aims to get a banking licence in order to provide its clients with the full range of financial services, Business Day reported. The company, which has applied with the central bank for a licence, said its major challenge at that moment was to secure significant long-term funding in order to grow its microfinance book. Finbond reported a loss of ZAR 4.7mn (EUR 420,000) for the six months to end-August, compared to a small profit of ZAR 41,530 for the same period last year. Its revenues edged down to ZAR 87mn from ZAR 87.4mn. The firm said it would target to enhance its efficiency in order to be able to compete aggressively with its larger, better capitalised and funded peers. It added that it does not expect the prevailing challenging macroeconomic environment and the adverse market conditions to abate in the medium term.

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