LIONESS WEEKENDER COVER STORY
PremierCredit, The Pan African Challenger Bank for SMEs
Chilufya Mutale is the Co-Founder and CEO of PremierCredit, a multi-award winning and fastest growing Pan African Challenger Bank for SMEs that is democratizing access to digital financial services for the unbanked population through an online micro-lending and investment platform. Since 2019 PremierCredit has been offering micro loans in Zambia, supporting local entrepreneurs and small scale traders, many of whom are women, increasing their access to capital and the ability to grow their businesses.
LoA spoke to the inspirational Chilufya Mutale to learn more about what drives her in business to create greater access to economic opportunity for women through entrepreneurship.
What does your company do?
PremierCredit is a multi-award winning and fastest growing Pan African Challenger Bank for SMEs that is democratizing access to digital financial services for the unbanked population through an online micro-lending and investment platform. We are currently present in two countries, namely Zambia and Zimbabwe. We provide embedded finance that is inclusive, introduces previously disadvantaged income groups into formal financial services, thereby contributing positively to financial inclusion. PremierCredit contributes to economic growth though supporting SMEs, who form the backbone of economies in emerging markets, with capacity building through financial literacy as well as providing working capital solutions and investment services.
What inspired you to start your company?
After working for 3 years as a CxO for a leading financial services provider, i realized i could serve my customers better by providing solutions that addressed the customers' needs. Having a deep understand of the needs of my customers and my passion for women empowerment, i had an inner burning desire to be part of a meaningful and impactful cause that benefited our society and economy at large, and this passion and drive led to the birth of PremierCredit. We set up PremierCredit to provide tailor made products and services that were fast, easy to use and access and more importantly affordable. I believe that to empower a woman is to empower her children, her family and her community. This is one of the smartest investments we can make. SMEs form the backbone of our economy, so when we support them as PremierCredit, we contribute positively to our economy at large.
Why should anyone use your service or product?
Our competitive advantage is ease of convenience. We understand our customers and provide services that meets their needs in the most convenient manner with speed.
Tell us a little about your team
We have a very strong team of doers and self-starters that I'm so proud of, I love the team spirit. In both Zambia and Zimbabwe, we have a young dynamic team of fintech experts that complement each other and it’s like a family here. We all believe in our vision and mission and work as a team to accomplish our goals.
Share a little about your entrepreneurial journey. And do you come from an entrepreneurial background?
I am a born entrepreneur, with an entrepreneurship background in the very early part of my life. This was inculcated in me by my father (MHSRIP), an entrepreneur, who was a single parent at the time. Due to the cultural norm, i was driven to the formal sector as an employee. I value that time because it helped shape the entrepreneur i am today.
What are your future plans and aspirations for your company?
We are building a challenger bank for Africa. A bank for the SMEs that will be a preferred business partner of choice and advisor for their businesses.
What gives you the most satisfaction being an entrepreneur?
Being able to inspire others to pursue their passion and dreams of entrepreneurship.
Building innovations that create solutions that make our lives better, always happy when i see or hear of a satisfied and happy customer.
What's the biggest piece of advice you can give to other women looking to start-up?
I have a mindset of never giving up no matter the situation. Don’t quit. I learn from every situation that makes me better and stronger. My biggest piece of advice will come from my favourite quote by Winston Churchill: “Success is not final; failure is not fatal: It is the courage to continue that counts.”
1. If you are passionate about what you want to build, the change you want to see; ideas, resilience, commitment, motivation and self-drive will come naturally.
2. Don’t be afraid to fail, overcome the fear of failure be a risk taker
3. Never give Up!, keep trying and testing to eventually get a human-centered designed (HCD) product/service
To find out more about Premier Credit, contact Chilufya Mutale via email: CMutale@premiercredit.co.zm or visit the company’s website and social media platforms:
