Burundi and Tanzania will benefit from a US $7m loan for development of their financial markets. This is as reported by the East African business extra.

The finamces that have been provided by Madison Financial services Company Ltd (MFSL) of Zambia and the International Finance Corporation (IFC) will be used to develop “a robust private financial and insurance sector that will contribute to sustainable economic growth in the two countries”.

A recent statement from Madison Financial Services Ltd says that the firm will build on its business model in Zambia, and help entrepreneurs in the two countries benefit from modern accounting options.

“After we have created a strong base in Tanzania and Burundi we will spread our wings to other African countries,” reads the statement in part.

Madison Financial Services Ltd is a subsidiary of Zambia’s LSA Ltd.Its part of a string of financial services companies which include Madison asset Management Company Ltd, CFB Bureau de change, Madison Life Insurance Company Ltd, Madison Premier Finance Company Ltd,Madison General Insurance Company Ltd, and Capital solutions Ltd.
Its partner in the project-the International Finance Corporation, is a member of the World Bank Group.