Inqo Investments Limited Investment in Four-One Financial Services Ltd (1658R)
June 13 2018 - 2:01AM
UK Regulatory
TIDMINQO
RNS Number : 1658R
Inqo Investments Limited
13 June 2018
INQO INVESTMENTS LIMITED
London: 13 June 2018
Inqo Investments Ltd, the NEX-listed ('INQO') social impact
investment company today announced a second tranche investment in
Four-One Financial Services Ltd, the Uganda-based management
company of the Mazima Micro-Pension Scheme.
The Mazima Retirement Plan is the trading name of Mazima
Voluntary Individual Retirement Benefits Scheme (MVIRBS). It is a
micro-pension scheme for low income earners in the informal sector
of the economy who do not currently have any formal retirement
savings schemes. The Uganda Government licensed Mazima to provide a
voluntary savings scheme for such low income earners. Four-One
Financial Services is the management company responsible for the
marketing and management of the Mazima Retirement Plan.
Under the Mazima Scheme, savings are flexible - the minimum
required to open an account is UGX 2,000 (US$0.60) with no further
regular savings required. Savers choose when and how much to save.
By aggregating the small savings, Mazima is be able to get Fixed
Deposit (FD) rates that would not be available to the small savers.
Current FD rates for 12 months are 10-12% pa. The larger the fund
size, the higher the compound interest income.
Over the 18 months since its launch, the scheme has attracted
over 1,100 savers with a fund size of UGX 800m. Mazima has entered
into an agreement with Pride Microfinance Limited, the largest
micro-finance institution in Uganda, to roll out its services to
its 500,000 micro-finance clients. In addition, the company has
entered into an agreement with MTN, Uganda's largest mobile
operator, to jointly promote the Mazima scheme to its 10 million
Mobile Money subscribers.
Inqo is making a US$100,000 investment as a Convertible Loan
Note to enable the company to expand and enhance its IT
capabilities to handle the expected increase in the number of
transactions resulting from the Pride Financial and MTN agreements.
The funds will also be used for the development of a mobile app and
strategic marketing.
Enquiries
Inqo Investments Limited Tel: +27 (0)83 6254069
Chris Bertie, Chief Financial Officer
and
Chief Operating Officer
Shard Capital Partners LLP Tel: +44 (0)20 7186
NEX Exchange Corporate Adviser and Broker 9948
Dr Wang Chong
About Inqo Investments Limited
'INQO' (www.inqo.co.za) is a South Africa-based social impact
company listed on the London NEX Exchange. It makes strategic
acquisitions and investments in businesses designed to tackle
poverty and provide employment, products and services to the poor
in Low Income Countries (LICs).
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END
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