Private equity investment manager AfricInvest and MicroCred, a microfinance institution, have joined forces to acquire MicroKing Finance, a provider of microfinance products serving the micro, small and medium enterprise market in Zimbabwe. The business was acquired from a seller represented by Zimbabwe’s Deposit Protection Corporation, the liquidator of Afrasia Bank Zimbabwe, MicroKing’s parent company, which was placed under liquidation by the Reserve Bank of Zimbabwe in February 2015.
Once the deal has received regulatory approval, AfricInvest’s Financial Sector Fund will own 30% of MicroKing with MicroCred owning the remaining 70% balance of the firm. Additional terms of the deal were not disclosed.
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