AMZ now covers every province in Zambia

In March, Agora Microfinance Zambia began operating from 3 new branches in the Eastern Province, in Chipata, Petauke and Lundazi (see map below).  This brings the total number of branches to 23, and AMZ now covers every province in Zambia.  This milestone adds to another, AMZ’s 10th year of operations, and creates substantial opportunities for the future.

AMZ began operating in 2011 from its first two branches in Mongu (Western Province) and Mumbwa (Central Province).  Soon thereafter, it expanded operations to Kaoma and Chibombo.  After a few years of establishing its operations and consolidating its presence, it began a cautious phase of expansion into other provinces of the country beginning in 2016.  With an eye on improving its reach as well as diversification of its exposure to different agro-climatic zones, it has been adding 3-4 branches to its operations every year.   This latest round of branch expansion completes the first phase of expansion which aimed to extend financial services in every province of Zambia.   In the next phase of expansion, AMZ will aim to deepen its reach even further through additional branches within the provinces of operations.  It expects to be working from between 40-50 branches in three years’ time.

Its current branch coverage reaches 90,000 active clients as of March 2021, establishing it as the largest financial service provider of Zambia.  AMZ expects that unmet demand is still substantial, not only for loans but for other financial products such as insurance, leasing and mobile money.  Alongside geographical expansion, it continues to work on product diversification and deepening.  Partnerships with insurance companies and mobile network operators are already in place and will be strengthened and deepened further in coming months and years.