PremierCredit, a leading Zambian financial technology company, is pleased to announce a significant investment of $2.5 million from the Trade Access Sub-Fund, managed by INOKS Capital for British International Investment. This investment marks a milestone in PremierCredit’s mission to revolutionize access to financial services in Zambia and Zimbabwe and promote financial inclusion, particularly among underserved populations.
Founded in 2019, PremierCredit has garnered multiple awards for its exceptional commitment to fostering positive change through sustainable investments. The company is recognized as a woman-owned and woman-led enterprise, underlining its dedication to gender diversity and inclusivity in the financial technology sector.
PremierCredit’s core mission centers around addressing the pressing need for financial inclusion in Sub-Saharan Africa, where a substantial portion of the population earns less than $10 a day and is excluded from traditional financial services. By leveraging a “Neo+Traditional” approach, PremierCredit operates as a licensed and regulated online microlending and peer-to-peer lending platform, offering loans and investment opportunities through digital platforms, USSD apps, physical branch offices, and community-based agents.
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One of PremierCredit’s primary objectives is to bridge the financial inclusion gap by extending financial services to those who have traditionally been excluded. This includes urban and rural micro, small, and medium-sized enterprises (MSMEs) and a focus on empowering women and women-owned/led companies. PremierCredit not only provides loans but also offers capacity-building and training programs throughout Zambia, helping borrowers establish a credit history and access further financial products.
The $2.5 million investment from the Trade Access Sub-Fund, managed by INOKS Capital for British International Investment, will have a profound impact in Zambia, particularly in the following areas:
- Increased Financial Inclusion and Job Creation: PremierCredit will provide loans and investments to unbanked populations, including urban and rural MSMEs, thereby stimulating economic growth and job creation.
- Empowering Women: PremierCredit’s commitment to improving financial inclusion for women will receive a significant boost, promoting gender equality and economic empowerment.
- Improving Financial Literacy and Creditworthiness: Through capacity-building and training initiatives, PremierCredit will enhance financial literacy and creditworthiness among its clients, expanding their access to financial products.
INOKS Capital is deeply committed to supporting the formalization of impact and environmental, social, and governance (ESG) processes. To monitor progress, INOKS Capital and PremierCredit have established key performance indicators (KPIs), including:
- Increasing loans to women-led enterprises.
- Expanding access to rural populations.
- Supporting additional job creation.
- Measuring client satisfaction.
- Promoting gender diversity.
In addition, a financial incentive will be offered at renewal if impact targets are met for women-led enterprises as a proportion of the overall portfolio.
PremierCredit shares INOKS Capital’s unwavering commitment to equality and inclusivity. The company actively explores ways to better support women-led businesses and youth across a wide range of education levels to promote financial inclusion and sustainable development.
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Founded by Chilufya Mutale in 2019, PremierCredit has been instrumental in providing microloans to local entrepreneurs and small-scale traders, with a particular focus on women. Operating as a licensed and regulated online microlending and peer-to-peer lending platform, the company has made significant strides in increasing access to capital, allowing these entrepreneurs to expand their businesses. Moreover, through its partnership with a bank in Zimbabwe, PremierCredit has been able to offer affordable bicycles, smartphones, and solar equipment on a Pay as You Go (PAYG) basis to underserved communities across Zimbabwe, furthering its commitment to driving positive change in the region.
INOKS Capital is a leading investment management firm dedicated to sustainable and impact investing. The Trade Access Sub-Fund, managed by INOKS Capital for British International Investment, focuses on investments that drive positive social and environmental outcomes while delivering attractive financial returns. INOKS Capital works in partnership with businesses like PremierCredit to create meaningful change and advance sustainable development goals.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard