Affordit loans is a financial services company based in Lusaka Zambia. We provide personal loans and financing through the internet.

1. www.myaffordit.com
Financial Innovation

2. Company Purpose
To become the primary source of
consumer financial services online.
Affordit uses the internet to offer personal loans to people in formal employment who find it
hard to get a loan from traditional lenders. We create credit scores based on users credit
history with us and their individual characteristics.

3. The problem
● People have limited or no access to credit
● There is no credit history on most borrowers
hence no credit scores
Only 9% of adults borrow money from a bank, 3% from non bank
financial institutions and 23% opt to borrow from family and friends.

4. The Solution
● Create a web platform that is easy to use and access
● Assign interest rates based on borrowing history on the
platform
● Provide members with other financial services such as
financial advice and special financing

5. Market and Competitive Advantages
There are several companies in the personal loans space in Zambia. Banks and Non-Bank Financial
institutions tend to be the largest providers of credit. However due to a lack of credit scoring and credit
history, most institutions restrict their offersing to government employees and receive loan repayments
through the Government Payroll system (PMEC Zambia). This leaves out many eligible clients in the
private sector without a source of credit aside from informal lenders who charge very high interest.
Of the 146 Microfinance companies that provide credit, few do so online, notably Express Credit.
The rest do not integrate any technology into their products. Credit decisions are still made using loan
committees hence the lack of efficient scale or any form of credit rating.
Affordit Loans operates entirely online and loan decisions are made less and less by humans. We use
Machine learning algorithms to provide credit score and thus assist in loan decisions.
According to the bank of Zambia, there were 263,447 borrowers from commercial banks in 2016.

6. How it works
Step 1
User goes to website
and creates account
using their phone
number. Phone number
is verified to belong to
user.
Step 2
User provides
information about
themselves.
Employment,
Gross and net
income, location
etc etc
Step 3
We verify the
information provided at
our offices. The person
comes with certified
copies of the
documents for us to
review.
Step 4
Once verified, the
person gets the service
requested. They pay
back using their bank
account via Direct
Credit.
We integrate AWS Machine learning into our product thus improving it as more members join

7. Milestones
This is what Affordit Loans has achieved so far
July 2017
Company Founded
Began Product
Development
First Customer
Offered first Loan in
December, 2017
250 Signups
We had more than 250
signups in the first
month of operation
April 2018
With the technology fully
functional, we ready to
scale the business
Jul Aug Sep Oct Nov Dec Jan Feb March Apr May Jun

8. Why now?
1. More internet users
○ Internet penetration increased to 43% in 2018 from 10% in 2010
2. More people banked or using mobile money
○ There is an explosion of Mobile banking usage that can facilitate loan
disbursement and repayment. This was not possible in the past.
3. More tools are available for scale
○ Internet banking, Social media for effective communication and
marketing
○ Tools such as Amazon Web Services have made it easy and cost
effective to scale operations

9. The team
Chisangu Matome
Founder and C.E.O of Affordit. He
has the necessary technical and
business skills to make the
company succeed.
Lucy Mukuka
Financial officer of Affordit. Lucy
Has extensive experience working
as an Accountant in many
Zambian Firms.

10. Raising
$500,000
Funding Requirements

11. Literature and data sources
http://www.i2ifacility.org/data-portal/ZMB/2015
http://onlinesystems.zicta.zm:8585/statsfinal/
https://www.internetworldstats.com/af/zm.htm
http://www.boz.zm/FinancialAndOtherStatisticsBooklet2016.pdf