MicroCred and pan African private equity fund manager AfricInvest announced in a statement published on March 23, the acquisition of 100% of Zimbabwean microfinance institution MicroKing Finance Ltd.

“We are very excited to support MicroKing and the work carried out by its team those last few years. We wish to make a useful contribution to the development of financial inclusion in Zimbabwe and thus, support a dynamic and entrepreneurial population,” said Arnaud Ventura, MicroCred Group’s CEO. MicroCred operates only in the financial inclusion and fintech sectors, in Africa and China.

Founded in 2001, MicroKing mainly helps micro and small entrepreneurs, and Zimbabweans who do not have access to the traditional financial sector also.