Published: 1 hour ago

AFC Commercial Bank has launched OpenCred, a digital-first microfinance platform designed to widen access to fast and flexible loan solutions for individuals and businesses across Zimbabwe.

The platform targets both banked and unbanked customers, enabling users to apply for loans via mobile channels or agents without visiting a branch, with approvals and disbursements processed within minutes.

OpenCred offers a variety of products, including 30-day payday loans, 90-day school fees loans, and longer-term financing of up to 24 months. Loan limits go up to US$3,500 for individuals and US$7,000 for SMEs and schools. The facility carries an indicative interest rate of 6% per month, along with once-off application and facility fees.

Speaking at the launch, Head of Retail Maxwell Chakaamba described the initiative as "a bold new era in accessible, people-first finance," aimed at addressing everyday financial needs while removing traditional borrowing barriers.

Bulawayo Deputy Mayor Edwin Ndlovu welcomed the development, saying it comes at a critical time for businesses and households.

"This initiative is important as the bank is showing innovation. Given the current economic environment, these products are tailored to support SMEs, households, and the broader community. The instant nature of the loans will provide timely relief," he said.

OpenCred is expected to support a wide range of uses, including business expansion, household expenses, and development projects such as solar installations, boreholes and school infrastructure.

The launch marks the bank's latest push to leverage digital technology to enhance financial inclusion, focusing on speed, simplicity and accessibility.
- newsday

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