Grameen Credit Agricole lends huge amount to FINCA Zambia

A gigantic amount of USD 3.5 million has been borrowed by the Zambian affiliate of the Foundation for International Community Assistance (FINCA International) from the Luxembourg-based Grameen Credit Agricole (GCA) Foundation for on-lending in Zambia.

FINCA Zambia looks forward to ‘be an unconventional community-based bank that profitably and responsibly provides innovative and impactful financial services to enable low-income individuals and communities to invest in their futures,’ as reported by Lusaka Times.

The services consist of loans and savings via mobile banking and agent banking. Groups of three to 10 people may borrow in amounts from ZMW 1,500 (US $125) to ZMW 20,000 (US $1670), and business-owners may borrow individually in amounts from ZMW 5000 (US $420) to ZMW 159,000 (US $13,300). The repayment schedules range from around six to 24 months.

FINCA Zambia reported total assets of US $718,000, gross loans of US $583,000 and total deposits of US $82,000. Founded in 1984, it currently runs in 20 nations with a focus on poor women in the Americas, sub-Saharan Africa and Eurasia. In the year 2017, the organization recorded revenue of approx. US $340 million. It currently handles over 2.1 million clients with 790,000 borrowers.