Zimbabwe: Youth Loans Funds Secure Despite Default Rate - CABS

THE Central African Building Society (Cabs) is cushioned against non-performing loans given to youths as they were secured by a youth council's shareholding in Old Mutual Zimbabwe, an official said.

Nearly 72 percent of the loans disbursed by Cabs to the youth under the Zimbabwe Youth Council (ZYC) since 2009 are non-performing, and OMZ deputy chief executive, Zomunoda Chizura said the loans were against the council's shareholding in the company.

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