LASF’s Subsidiary Gets BOJ’s Approval  

• LASCO Microfinance Limited, a subsidiary of LASCO Financial Services Limited, received approval of its application for licensing of its institution to operate as a microcredit institution, according to section 10 (3) (a) of the Microcredit Act, 2021, from the Bank of Jamaica.
• The Microcredit Act (‘the Act’) was passed in January 2021, with the aim of licensing and regulating microcredit institutions (MCIs) that provide financing to individuals as well as, micro, small and medium-sized enterprises.
• This brings the total number of licensed microcredit institutions to 21, of which 3 are listed companies on the JSE.
• This means that LASF through its subsidiary is authorized to continue its operations in lending to micro, small and medium-sized businesses and to individuals as defined under the Microcredit Act. Further, over time given the competitive nature of the microcredit financing market, these requirements will not only help to regulate the industry but also reduce exorbitant charges, which bodes well for customers.

(Source: JSE)