African Century Leasing Establishment
African Century Limited (ACL) is a registered leasing company in terms of the Companies Act [Chapter 24:03] registration number 4317/2010. It is regulated by the Reserve Bank of Zimbabwe and governed by the Moneylending and Rates of Interest Act [Chapter 14:14] and the Hire- Purchase Act [Chapter 14:09]. The company is a focussed leasing outfit providing asset finance to the productive sectors of the economy. ACL opened its doors to the public on the 9th of February 2011, following licensing by the Registrar of Companies, the Reserve Bank of Zimbabwe and the Zimbabwe Investment Centre. The company was formed from the realisation of the need to recapitalise industry after a decade of de-industrialisation.
Nature of Business
ACL is a stand-alone leasing company providing a wide range of leasing products to key sectors of the economy. Assets financed include agricultural equipment encompassing tractors, trailers, implements and centre pivots; manufacturing and mining equipment; passenger motor vehicles and haulage trucks. The tenor of the leases ranges from one to three years with monthly payments.
The experienced and qualified management team of ACL works closely with the Board to assess future growth opportunities and the strategic initiatives required to optimise the company’s potential. The Board and Management believe that asset backed finance can play a major role in catalysing the growth of the Zimbabwean economy. To this end, they are keen to grow the company aggressively while maintaining first class controls and a prudent risk culture. Several initiatives, derived from this strategic plan, have been lined up for implementation and this is expected to reflect in ACL’s results going forward.