BULAWAYO, Apr. 21 (NewsDay Live) – AFC Commercial Bank has launched OpenCred, a digital-first microfinance platform aimed at expanding access to fast, flexible loan solutions for individuals and businesses across Zimbabwe.
The platform targets both banked and unbanked customers, allowing users to apply for loans via mobile channels or agents without visiting a branch, with approvals and disbursements processed within minutes.
OpenCred offers a range of products, including 30-day payday loans, 90-day school fees loans, and longer-term financing of up to 24 months. Loan limits reach up to US$3,500 for individuals and US$7,000 for SMEs and schools. Interest is set at an indicative 6% per month, with once-off application and facility fees.
Speaking at the launch, AFC Commercial Bank Head of Retail Maxwell Chakaamba described the initiative as “a bold new era in accessible, people-first finance,” designed to address everyday financial needs while removing barriers that make borrowing slow or inaccessible.
Bulawayo Deputy Mayor Edwin Ndlovu welcomed the development, saying it comes at a critical time for businesses and households.
“This initiative is important as the bank is showing innovation. Given the current economic environment, these products are tailored to support SMEs, households, and the broader community. The instant nature of the loans will provide timely relief,” he said.
OpenCred is positioned to support a wide range of use cases, including business expansion, household needs, and development projects such as solar installations, boreholes, and school infrastructure.
The launch marks AFC Commercial Bank’s latest push to leverage technology to broaden financial inclusion, with a focus on speed, simplicity, and accessibility.
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