FINCA Zambia loan products for women and youth - Zambia
- Zambia
- Resources
- Access to Finance
- Access to Capital
- Access to Capital
Access to capital for women entrepreneurs in Zambia
The Bank of Zambia (Boz) marked a major step in advancing women’s financial inclusion after unveiling the results of a landmark survey that found women in Zambia inherently face more challenges in accessing formal financial products and services. The main purpose of the survey was to determine the levels of access, usage and quality of financial services; identify barriers to women financial inclusion as well as assist with modifying the existing policies, strategies and regulatory measures. The bank used gender specific data to identify key barriers facing women in accessing financial services.
The findings helped the Central Bank to have a better understanding of the “magnitude of the financial inclusion gender gap” and be able to develop policies that specifically target women’s financial inclusion”. A number of financial products are available for use by women in business.
FINCA Zambia loan products for women and youth
FINCA Zambia, a subsidiary of FINCA Impact Finance began its operations in 2001 as a non-profit organization that provided financial services to the financially-excluded section of the population. Since launching a single office offering village banking loans in Lusaka, FINCA Zambia has grown into a full-service microfinance institution (MFI) serving more than 17,000 clients with financial services including credit and savings. FINCA Zambia has 22 branches spanning Lusaka, Central, Southern, Eastern and Copperbelt provinces. In 2012, the Bank of Zambia issued FINCA Zambia a license to take deposits.
FINCA FINANCIAL PRODUCTS FOR WOMEN IN BUSINESS
1. Small Enterprise Loan
Small Enterprise Loan is easily accessible, with very competitive interest rates and minimum documentation required. The Small Enterprise Loan is suitable for small and medium scale entrepreneurs who need capital injection to grow their business or acquire assets for the business.
Benefits
- Competitive interest rates with minimal fees
- Fast loan processing times
- Personalized service
Additional features
- Loan amount ranges from K160,000 to K1,000,000
- Flexibility on security pledged (business assets, motor vehicles, moveable property)
Requirements
- Need to own a business
- Aged 21 years and above
- Must be a resident of Zambia
Terms and Conditions
- At least 1 year of operating a business
- At least 1 year in current business location
- At least 1 year in current residential location
2. Business Loan
Business Loan offers an opportunity for business owners to grow and keep their businesses running. Business Loan is accessed by business owners who need working capital to expand their businesses or acquire business assets. this loan product is tailor made to suit the needs of individuals with medium to large to businesses and need to access bigger loans.
Benefits
- Quick loan processing time
- Personalized services
- Competitive interest rates
- We accept a diverse range of assets as collateral
- Minimum procedure and documentation requirement
- No hidden costs; you know what it costs you upfront
Additional features
- You can get a loan from K5,000 to K159, 000
- Loan repayments are monthly
- Pay back your loan from 6 to 24 months
Requirements
- Must own and run a business
- At least 1 year of operating a business
Terms and Conditions
- Must be a Zambian Resident
- Age requirement 21 years and above
- At least 1 year in business Location
- At least 1 year in residential location
3. Group Loan
This loan product is easy to access and is tailor-made to suit the needs of men and women with small businesses. No matter how small your business is, this product offers you an opportunity to realize your business growth ambitions, which should not be constrained by lack of capital or collateral. Village bank is a group loan of which loans are disbursed individually to each member. Village bank members do not need to pledge collateral for them to access this loan. This product has its unique way of bringing the community together to network, share ideas and work together to achieve each member’s aspirations.
Benefits
- Lower and competitive interest rates
- No collateral required
- Flexible loan repayments periods
- Increased subsequent loan amounts
- Guidance and financial training offered
- No formal business documentation required
- No need to come to us, we will come to you
Additional features
- Group size (3 to 10 members)
- Loans start from as low as K1,500 to K20,000
- Group guarantorship
Requirements
- Need to own and run a business
- Need to form a group of 3 or more members
Terms and Conditions
- Aged 18 years and above
- Business must have been in operation for the last 6 months
LOAN PRODUCTS
|
| Small Enterprise Loan (160,000-1,000,000) | Individual Business Loans (5,000-159,999) | Group Loans (1,500-20,000) |
| Interest rate per month (Declining Interest) | | 6.8% | 7% |
| Arrangement fee | | 10% | 10%
|
BRANCH NETWORK
Chaisa (Former Matero Branch)
Plot 200/8/1917B
Great North Road
Chaisa-Lusaka
Branch Service Centre
Chawama
Plot No. 11966, Chifundo Road
Chawama, Lusaka
Branch Service Centre
Chingola
1889, Parable Centre
Kwacha Street, Chingola
Branch Service Centre
Chipata
Plot No. 49, Town Centre
Umodzi Highway, Chipata
Branch Service Centre
Choma
Plot No. 1199/2 Town Centre
Livingstone Road, Choma
Branch Service Centre
Kabwe
Plot No. 5873, Jacs Building
Freedom Way, Kabwe
Branch Service Centre
Kafue
Msidi Complex, Luangwa Drive
Kafue Estate, Kafue
Branch Service Centre
Kapiri
Plot No. 785, Town Centre
Lusaka-Ndola Road, Kapiri Mposhi
Branch Service Centre
Kitwe
Ground floor, Mukuba Pension House
Corner of President and Kantanta Street, Kitwe
Branch Service Centre
Mazabuka
Plot No. 168, Town Centre
Mulungushi Road, Mazabuka
Branch Service Centre
Monze
Independence Road
Town Centre, Monze
Branch Service Centre
Ndola
19A, Chikumo Building
President Ave, Ndola
Branch Service Centre
Northmead
Stand No. 4513, Northmead Shopping
Centre, Madzimoyo Road, Lusaka
Branch Service Centre
Soweto
Plot No. 8598,
Simon Mwewa Road
City Market, Lusaka
Branch Service Centre
CONTACT INFORMATION
Head Office
Plot No. 22768 Acacia Park
Corner of Thabo Mbeki & Great East Road
P.O Box 50061 Ridgeway, Lusaka
Email: ZM_CustomerCare@finca.co.zm
Customer Support Center
Mobile: +260 966 200 580
Mobile: +260 971 245 429
Hotline: 8008 (Airtel only)
Facebook: FINCA Zambia
Twitter: https://twitter.com/FINCAImpact
LinkedIn: https://www.linkedin.com/company/finca-impact-finance/