AFC Launches OpenCred to Expand Access to Fast, Flexible Loans in Zimbabwe

AFC Commercial Bank has introduced OpenCred, a digital-first microfinance platform designed to provide quick, accessible, and flexible loan solutions to both individuals and businesses, including those outside its traditional banking base.

Speaking during a question-and-answer session, AFC Holdings Group Head of Corporate Communications, Andrew Tawodzera, said OpenCred is aimed at “opening access to credit, quickly, fairly, and conveniently,” reflecting a shift toward inclusive digital finance.

The platform allows users to apply for loans via mobile channels or agents without visiting a bank branch, with approvals and disbursements processed within minutes. Tawodzera highlighted that the service is open to both AFC and non-AFC customers, broadening financial access in a market where many remain underserved.

OpenCred offers a range of loan products tailored to different needs, including 30-day payday support, 90-day short-term loans for expenses such as school fees, and longer-term financing of up to 24 months for larger personal or business projects. Loan limits reach up to US$3,500 for individuals and US$7,000 for small- to medium-sized enterprises (SMEs) and schools.

The product is priced at an indicative monthly interest rate of 6%, plus a once-off facility fee of around 6% and a nominal application fee. Repayments are automated through payroll systems or linked accounts, simplifying the repayment process for borrowers.

Tawodzera said OpenCred’s design is rooted in local realities, supporting salary-based financing, SME working capital, and investment in critical infrastructure such as solar energy systems, boreholes, and internet connectivity solutions.

He added that the platform stands out due to its fully digitised processes, minimal paperwork, and use of smart credit systems for instant decision-making. “Customers want speed, simplicity, and reliability, and that is what OpenCred delivers,” he said.

Backed by AFC Commercial Bank, the initiative is expected to enhance financial inclusion while supporting business growth and household resilience in Zimbabwe’s evolving economic landscape.