Zambia: Lupiya offers microloans to businesses and individuals

By : Adoni Conrad Quenum

Date : mardi, 18 avril 2023 11:16

The fintech startup, founded in 2016, accessed venture financing in 2020. Since then, it has become somehow unstoppable despite the coronavirus pandemic and the small size of its domestic market.  

Lupiya is a fintech solution developed by a Zambian startup. It allows easy access to microloans for individuals and businesses. The startup behind it was founded, in 2016, by Evelyn Chilomo Kaingu and Muchu Kaingu. Based in Lusaka, its goal is to expand access to credit and reduce the cost of borrowing for all Zambians.

“We aim to level the playing field for all Zambians by offering low-cost lending products and attainable options for security. We distance ourselves from traditional lenders by being accessible to marginalized and unbanked communities and offering lending practices that are transparent and fair,”  the startup says on its web platform. 

Currently, it has no mobile app so everything happens on its web platform. On the platform, a user can fill out a form stating the desired loan amount or loan type and the estimated repayment duration to check eligibility. Once the startup replies, the user can then proceed with account creation, upload the required documents and apply for the loan.  

Once the loan is processed, users are always notified. The startup charges up to 59 percent interest on its loans.

According to its CEO, Evelyn Kaingu, it started with just $500. That amount was lent to “a small community”, from there on, things moved with the startup acquiring its first hundred clients, and then more.  

Since its launch, It has raised over $2.5 million to accelerate its growth in Zambia. It has helped smallholder farmers boost yields, improve soil health and reduce greenhouse gas emissions. These efforts caught the attention of Kamala Harris, Vice President of the United States of America, during her visit to Zambia in late March 2023. 

Adoni Conrad Quenum


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