Old Mutual Zimbabwe has shrugged off worries about Zimbabwe's sluggish economic growth and has its eye on making inroads in the informal sector. The integrated financial services provider, 75% owned by Old Mutual plc, is set to launch a microfinance business next month aimed mainly at the growing informal sector. Old Mutual Zimbabwe, through subsidiary Central African Building Society, already offers various banking services and its unit is the largest mortgage lender in the country. The building society posted a net profit of $39.2-million (about R515 -million) in the year to December 2016, up 38% from the year before. Group profit was $91.8-million. For financial services companies, the informal sector represents an untapped sweet spot. Old Mutual Zimbabwe CEO Jonas Mushosho said its microfinance business would make funding affordable. "Our staff who spent time attached to Faulu Microfinance Bank in Kenya, which is part of the Old Mutual Group, are back and are spearheading the es...
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