MICROFINANCIER Lenderspark has grown its loan book to US$2,5 million in the seven months ended December 31, 2024, owing to an aggressive push to promote financial inclusion among marginalised communities, an executive told NewsDay Business.
A subsidiary of the National Building Society (NBS), Lenderspark was launched last year to promote financial inclusion and drives economic growth.
“The demand for our services is significant, and while we face challenges in the SME sector, we have successfully stabilised Lenderspark across all NBS branches,” Lenderspark general manager Bernard Gambe told NewsDay Business in an interview.
“Since our launch last year, by December, we had a loan of about US$2,5 million. The demand is quite high.”
He emphasised Lenderspark’s mission to deliver accessible and responsible financial products tailored to diverse market needs.
This, he said, would promote financial inclusion and encourage positive economic investments.
The informal sector is financially excluded despite generating US$14,2 billion in revenue annually, according to the central bank.
Gambe said the use of NBS branches across the country allows Lenderspark to provide services nationally.
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“So, this has also allowed us to rely on the brand already existing from the shareholder. So, our outreach has not had any challenges,” he said.
“But I think the issue is, for us at Lenderspark, to make sure that we are onboarding the right clientele, and we have got the right product also.”
Gambe most of the people who access their loans use household commodities as collateral.
“So, you find that now when you go to the microfinance sector, you can have your clients,” he said.
“SMEs who are into the productive sector are using their moveables, like even motor vehicles and their assets, with the business assets and equipment that it also wants to register that in the Reserve Bank of Zimbabwe Collateral Registry.
“So, as a registered entity and regulated by the RBZ, we are also protected with the moveables as an entity.”
The subsidiary provides financial services to the informal sector, cooperatives and salaried employees in the private and public sectors.
