Zamtel Money‘s Managing Director Comfort Nyondo, and her team members recently paid Chilufya Mutale, the CEO of PremierCredit, and their team a courtesy call at their headquarters.
According to the statement released on Monday, the conversations centred on finding common ground and exploring creative ways to grow the existing KaFast Loan collaboration on Zamtel Money.
Both teams discussed the growing consumer demand for easy, accessible financial services and explored areas for further expansion. The collaborative nature of the meeting emphasised the shared vision of both organisations to provide solutions, superior customer service, and a seamless user experience.
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The two entities discussed consumer demands, market trends, and possible areas for expansion.
There was a shared sense of optimism about the future of their collaboration, as both organisations affirmed their commitment to developing and implementing strategic plans that not only benefit their customers but also advance Zambia’s burgeoning Fintech industry
Zamtel-PremierCredit’s PremierInvest partnership
In 2023, Zamtel introduced PremierInvest option on its mobile money menu in collaboration with Fintech PremierCredit.
PremierInvest is a pioneer in the Zambian industry and a peer-to-peer lending product offered by PremierCredit.
The platform is regulated by the Securities and Exchange Commission’s Regulatory Sandbox and links investors from all over the world with borrowers in Zambia.
The partnership positions Zamtel mobile money as the newest way for consumers to enter the peer-to-peer lending network.
With PremierInvest, Customers who use Zamtel’s mobile money service were able to access the investment product and receive interest on their investments of 36% annually.
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PremierCredit-Airtel loans partnership
Similarly last year, PremierCredit and Airtel Money teamed up to offer loans to consumers via the Airtel platform.
The strategic partnership represents a significant advancement in promoting universal financial inclusion. Through the partnership, qualified customers can get a loan when they need it, and it will be instantly deposited into their Airtel mobile money accounts, saving them the onerous paperwork associated with traditional loan applications.
The credit facility dubbed ‘KaFast Loan’ allows qualified customers to seamlessly complete loan application, loan disbursement, and other steps using their mobile devices.
The credit facility guarantees that financial aid reaches individuals in need quickly and without administrative obstacles, establishing a new benchmark for financial services’ efficiency and simplicity.
In order to be eligible for a loan from the KaFast platform, applicant must have been a customer of Airtel Money for at least six months, conduct frequent transactions on Airtel Money, and have paid off any previous loans they may have had.