AMZ expands into new market segments and new product lines
In the last months of 2016, AMZ successfully started operations in two new locations in Zambia. It started a new rural operation in Chongwe, and the first few months have seen strong demand in the area from small farmers and traders. AMZ also kickstarted its SME product in Lusaka after a short gap. Another new initiative towards the end of 2016 was an agreement between AMZ and Airtel Money to appoint AMZ as a super-agent of Airtel Money for managing agent-level liquidity in rural areas.
As at the end of December 2016, AMZ had 919 clients and ZMW 680,000 (USD$ 68,706) loan portfolio in Chongwe, comprising about 4% of the total loans outstanding. Similarly it had 23 clients and ZMW 1,719,000 (USD$ 173,685) loan portfolio in Lusaka (SME only), comprising 11% of the total loans outstanding.
The new locations now extend AMZ’s network to 6 locations. Their geographical location is highlighted below.