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FEP shuts down nearly half of its loss-making subsidiary branches

Fountain Credit is piloting a new app for issuing loans on mobile phones set for launch in June. FILE | NATION MEDIA GROUP.

Fountain Enterprise Programme (FEP) Group has closed down nearly half of its micro-lender subsidiary Fountain Credit’s branches and is only lending to repeat customers, saying it is shifting strategy to issue loans via mobile phones.

Its loss-making Fountain Credit has shut five branches out of 13 to remain with only eight outlets. The unit is currently piloting a loan app due to be launched by June.

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