PremierCredit - Afrikan Heroes

Zambia’s PremierCredit Secures $2.5 Million Investment to Drive Financial Inclusion

September 22, 2023

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.

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.

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.

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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

How PremierCredit Raised $650,000 Funding in Zambia

January 3, 2021

It has emerged that the Zambian micro-lending startup PremierCredit was able to raise $650k funding to scale up its operations in Zambia and Zimbabwe through the aid of Enygma Ventures. The micro-lending startup was established in 2019 to offer micro-loans to Zambian entrepreneurs and small scale traders, many of whom are women, increasing their access to capital and the ability to grow their businesses.

Chilufya Mutale, co-founder and chief executive officer (CEO) of PremierCredit.

With the support of its partner bank in Zimbabwe, meanwhile, PremierCredit provides affordable bicycles, smartphones and solar equipment on a pay-as-you-go (PAYG) basis to underserved communities. PremierCredit now plans to grow further across the SADC region after becoming the 10th company this year to raise funding from Enygma Ventures, a ZAR100 million (US$6.8 million) fund launched late last year with a focus on investing in women entrepreneurs.

“We are extremely elated about our partnership with Enygma Ventures. The financial and strategic support will allow us to execute on our vision to service multiple countries across the region,” said Chilufya Mutale, co-founder and chief executive officer (CEO) of PremierCredit.

Sarah Dusek, managing partner and co-founder of Engyma Ventures, said after an “extraordinary year” it was “incredible” to see women-owned businesses still thriving and creating expansion plans, despite the pandemic.

“PremierCredit has a proven track record of supporting the informal sector and making informal trading possible for many by providing timely and appropriate loans to help businesses thrive,” she said.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Enygma Ventures Invests $650k In Another Zambian Lending Startup PremierCredit

December 22, 2020

Enygma Ventures is back in Zambia, barely six months after investing $1 million in Lupiya, a fast-growing lending startup founded by Evelyn Kaingu. In its latest deal, PremierCredit, an online microlending platform operating in Zambia and Zimbabwe, has received $650 000 (R9.7 million) in funding from the South African women-focused VC firm. Branded as a unique purpose fund, Enygma Ventures is a Venture Capital Fund that invests in female founders and entrepreneurs in Southern Africa.

“We are extremely elated about our partnership with Enygma Ventures,” Chilufya Mutale, Co-Founder and CEO of PremierCredit, stated.

“The financial and strategic support will allow us to execute on our vision to service multiple countries across the region.”

***Eugene Mwila (l) and Chilufya Mutale (r)***

Here Is What You Need To Know

Using the investment, PremierCredit has extensive plans to grow and serve the SADC (Southern African Development Community), a Regional Economic Community comprising 16 Member States.

Why The Investor Invested

Enygma Ventures is a US-based VC firm founded by award winning entrepreneurs Sarah and Jacob Dusek. In 2019, the VC launched a fund with a focus on investing in women entrepreneurs in the SADC region, making its first investment In South African startup Playsense in April, 2020.

“After an extraordinary year it has been incredible to see women-owned businesses still thriving and creating expansion plans despite the pandemic,” said Sarah Dusek, Managing Partner & Co-Founder of Engyma Ventures.

“PremierCredit has a proven track record of supporting the informal sector and making informal trading possible for many by providing timely and appropriate loans to help businesses thrive.”

The USD$650,000 investment further strengthens the fund’s portfolio of growing women-owned African businesses.

“We are excited about this investment and are confident in PremierCredit’s ability to execute and expand regionally as they are a formidable team,” said Lelemba Phiri, Principal and Operating Partner of Enygma Ventures.

“The ripple effect of such an investment goes beyond the immediate business because it in turn enables access to capital for underserved traders and communities.”

Enygma has made 10 investments in 2020 and currently has applications open for talented entrepreneurs in the SADC region to apply for funding. Applications close on 31st December 2020 and can be accessed here https://www.enygmaventures.com/applications.

A Look At What The Startup Does

Founded in 2019 by Chilufya Mutale, PremierCredit has been offering microloans in Zambia, supporting local entrepreneurs and small scale traders, many of whom are women, increasing their access to capital and the ability to grow their businesses. With the support of its partner bank in Zimbabwe, PremierCredit provides affordable bicycles, smartphones and Solar equipment on a Pay as You Go (PAYG) basis to underserved communities across Zimbabwe.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer