How To Register A Microfinance Company In South Africa
Suppliers of the microfinance sector in South Africa. The Micro Money Lending cum Micro Finance industry is indeed a thriving and profitable industry especially in third world countries like Bangladesh where it originated from Botswana south africa Kenya Uganda India and a host of other countries.
The Company was founded by Dr.
How to register a microfinance company in south africa. The law sees a company in the same light as a natural person. Introduction of MicroFinance South Africa MFSA MFSA is a representative body of registered and legal microfinance Credit Providers. Framework for the microfinance part of EEA.
Our Vision is to ensure a sustainable Microfinance Industry. Decide Which Niche to. MFSA provides the following range of services on behalf of their Members.
Our Vision is to ensure a sustainable Microfinance Industry. No applications will be accepted from companies limited by guarantee. When a company is registered without a reserved name its registration number automatically becomes the company name with South Africa as the suffix.
Todays top 10 Microfinance jobs in South Africa. A company is a legal person which has capacity and powers to act on its own. The provision of formal financial services to low income households.
You can register a company as a non-profit company or profit company with the Companies and Intellectual Property Commission CIPC. NGOs and Trusts should register separate companies to conduct microfinance business with own board of directors and management. MFSA is the Recognised Voice of Reputable Microfinanciers in South Africa.
For the purposes of this study we have applied the broadest definition of microfinance. The registration fee for a new micro finance company is R2000 plus R250 branch fee per location. How to register a company in South Africa for R175 with the CIPC Companies Intellectual properties commission For more tutorials visit httpwwwcityaw.
This implies that access to commercial bank branches in urban areas is higher approximately 9 500. There is more to starting a business than just registering it with the state. New Microfinance jobs added daily.
You have found the perfect business idea and now you are ready to take the next step. In South Africa there is one commercial bank outlet per 15 000 people while Africa has one commercial bank outlet per 450 000 people Coetzee 1992. 17 Steps to Starting a Micro Cash Loan Business in South Africa.
MFSA is the Recognised Voice of Reputable Microfinanciers in South Africa. Leverage your professional network and get hired. Investigating the Financial Lives of the Poor in South Africa Presenting a detailed picture of the financial lives of the poor in South Africa Centre for Social Science Research FinMark Trust Ford Foundation Micro Finance Regulatory Council of South Africa.
In this definition the word formal refers to a formal institution as the supplier of the service. The Lending industry in South Africa has had its own share of ups and downs but it experienced a major growth surge in. Such companies should convert to share capital companies prior to seeking registration as microfinance institutions.
Start a micro lending company by following these 9 steps. Private company may be registered with or without a company name while a not for. We have put together this simple guide to starting your micro lending company.
MFSA represents more than 1100 Microfinance Credit provider offices providing short term and unsecured credit registered with the National Credit Regulator as well as a significant proportion of Service. In terms of the Companies Act 2008 a for profit company eg. This is the quickest way to register a company.
Conduct Market Research and Feasibility Studies. EEA has already started a micro lending pilot project in Dar-City and has scheduled to roll it out to 200 families in. However 70 per cent of the commercial bank outlets in South Africa are in urban areas.
In South Africa you will need to abide by the regulations set by the NCA as well as the National Credit Regulator in order to operate a cash loan business in South Africa. Jasson Kalugendo and Jerry Twombly who along with Dirk Sander are actively managing the company. Youll need to secure a license as a payday lender.
Ongoing Advocacy and Industry-Wide Representation.
