One of Zambia’s best fintech startups, PremierCredit, has raised $2.5 million from British International Investment’s Trade Access Sub-Fund, which INOKS Capital runs. This large amount of money will help change how people in Zambia and Zimbabwe get access to financial services, with a focus on helping people who don’t have access to financial services.
Over the years, the financial technology startup has won much praise and awards for its unwavering commitment to sustainable investments promoting good change. As a business owned and run by women, it shows its commitment to diversity and inclusion in financial technology.
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PremierCredit focuses on financial inclusion in Sub-Saharan Africa. Many of this region’s population earn less than $10 daily and cannot access standard financial services. PremierCredit uses “Neo+Traditional” to address this. It offers loans and investments through digital platforms, USSD apps, branch offices, and community-based agents as a licenced and regulated online microlending and peer-to-peer lending platform.
PremierCredit offers financial services to traditionally excluded groups to address the financial inclusion gap. Urban and rural MSMEs with a focus on empowering women and women-owned/led businesses. PremierCredit also provides capacity-building and training programmes in Zambia to help borrowers develop credit and access other financial products.
PremierCredit supports INOKS Capital’s unity
Like INOKS Capital, PremierCredit is committed to equity and diversity. The company aggressively seeks ways to support women-led enterprises and youth of all education levels to promote financial inclusion and sustainable development.
PremierCredit, founded in 2019 by Chilufya Mutale, has helped local businesses and small-scale traders, especially women, get microloans. The licenced and regulated online microlending and peer-to-peer lending platform has enhanced capital access. This has helped these entrepreneurs flourish and boost the economy.
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Through a partnership with a bank in Zimbabwe, PremierCredit can now offer affordable bicycles, smartphones, and solar equipment on a Pay as You Go (PAYG) basis to underserved areas in Zimbabwe. This project shows again that PremierCredit is committed to driving good change and promoting sustainable development in the region.
With the new investment from PremierCredit, the fintech startup will be able to continue its essential goal of promoting financial inclusion, supporting women-led businesses, and empowering underserved communities in Zambia and Zimbabwe.