Junior market listed micro financier, Access Financial Services has acquired the loan portfolio, fixed assets and trade name of Micro Credit Limited, a release to the Jamaica Stock Exchange revealed. The acquisition is the second make by the company in just over a year.
The CEO of Access Financial, Marcus James, says “the acquisition is in keeping with the company’s overall expansion plan to grow its share of the local micro lending market. The business combination will see MCL continuing to serve the micro credit customers using its existing methodologies which have been proven both locally and internationally in that segment of the market resulting in above average portfolio performance. The alignment of the two entities will also result in efficiencies of scale.”
MCL was established in 2003 and has 6 branches islandwide. Christopher Williams, Proven Investments CEO stated earlier this month, that MCL was around the same size as Damark which were acquired by Access in May 2016 at a cost of $180 million which included, the loan portfolio of $148.7 million.
In 2015, Access acquired the loan portfolios of Asset Management Company and Appliance Traders for just over $500 million.