NATIONAL Building Society (NBS) has launched a microfinance subsidiary as it seeks to tap into the financially excluded segment.
The launch of Lenderspark Finance comes at a time when an estimated 70% of the economy is now informal, with most of the currency in circulation being forex.
Speaking at the launch of Lenderspark last Friday, the microfinancier’s general manager Bernard Gambe said the company seeks to become a leading financial institution that promotes financial inclusion and drives economic growth locally.
Lenderspark’s mission is to provide accessible and responsible financial products that cater to the diverse needs of the market, promoting financial inclusion and positive economic investment for a brighter future, he said.
“The company’s core values centre on inclusion, innovation and retention, ensuring that its services benefit both the business and its customers,” Gambe said.
NBS head of marketing Mildret Kujinga emphasised that the launch of Lenderspark was aimed at creating a supportive and inclusive financial ecosystem that reaches those who were previously marginalised by traditional banks.
“The roll-out of Lenderspark is a testament to the confidence we have received from the market we serve as NBS, and we are grateful for the trust placed in us as a bank and building society of choice for many Zimbabweans, locally and in the diaspora,” Kujinga said.
Lenderspark’s offerings are designed to disrupt the financial landscape by enhancing financial literacy, widening access to loans and other credit facilities and creating investment opportunities, the company said.
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The subsidiary will operate in all NBS branches, providing financial services to the informal sector, cooperatives, salaried employees in both the private and public sectors, and beyond.
Philip Madamombe, Reserve Bank of Zimbabwe director bank supervision, expressed the central bank’s continued support for small businesses, noting that Lenderspark was expected to play a crucial role in absorbing a significant amount of the loan demand.
The loan demand, Madamombe said, also comes from civil servants.
“LenderSpark Finance is expected to be able to absorb a huge amount of life loans, including creation and the changing of the civil contribution, becoming an avenue to income economy by 2030,” he said.
