No, so there are many individual lenders who come together to contribute to each successful loan. You can lend a minimum of K500 or more to a borrower to help them reach their goal, and you can see the other lenders who supported that borrower at the bottom of the loan profile.

Yes, and we guarantee repayment of all loans as you have a safety blanket of a buyback obligation. You can withdraw any sum within your available balance on the portal via mobile money or card transfer.

In terms of security of Investor data;

• It is ISO 27001:2013 certified;
• PCI DSS compliant – has received a PCI certification. It signifies that the company maintains rigorous data security standards to ensure that its customer’s credit card information remains safe and secure;
• The technology is cloud based and hosted by Amazon Web Services (AWS) and Microsoft Azure and Google Cloud that provide a secure and scalable computing capacity in the cloud.

We will offer a Buy back guarantee, which means that if a loan is delinquent for more than 60days, PremierCredit will buy back the investment at nominal value plus accrued interest.

This means the investor will be able to recover their investment in case of borrower default.

We place emphasis on using the most advanced and representative scoring techniques using AI technology to provide good performing loans on the platform. The investor will be confident and secured that they are investing in loans that will be repaid on time and in full with interest.

Credit risk assessment initiatives are in place, using advanced technology that has Cloud-based infrastructure, Advanced AI-driven intelligent scorecard, automated underwriting, Integrations with credit bureaus (Transunion), banks and payment providers.

As low as K500, investment is no longer out of reach, everyone is welcome. There is no maximum amount to limit how much on can invest.

Absolutely, all individuals, private and public institutions, corporate entities, MSMEs are invited to invest. Investment opportunities are readily accessible to everyone.

Yes. Our investment strengthens our “skin in the game” in understanding and learning from our own data, risks and consumer behavior, as well as patterns to reduce the risk of bad debts.

PremierCredit will continue to invest alongside other investors on the platform as this also helps us to maximize our returns in the short and long term. We walk the talk: PremierCredit invests its own money on the platform to also demonstrate our confidence in our credit scoring model and also to gauge borrower behavior in terms of repayment and default so as to further enhance our credit scoring model.

Credit risk: This is the risk that a borrower defaults on a loan, we have managed this by:

Pre-screening: Before on-boarding a borrower, we conduct thorough checks to determine their capacity to pay. Using our credit-scoring model, we establish the borrower’s credit score and reference third party information from Transunion (CRB). We also ensure the credit we lend is only used solely for business-purposes.

Diversification: We put your eggs in many baskets! The P2P platform spreads your risk by lending your funds across multiple borrowers.

Prudent collection methods: through automated SMS reminders to customers before and when they are due including having call touch points through our in house customer care team to remind them to make their payments.

Liquidity risk: The direct performance of liquidity risk is difficult to withdraw cash i.e. it is unable to obtain sufficient funds in time to deal with the risk of payment of matured debts or principal and interest. Please note that the P2P platform is backed by a reliable and highly solid financial group, a US based Venture Capital firm, hence adds security to the investments. Therefore, sufficient funds will be available to settle liabilities when they fall due.

Consumer protection is at the heart of our business for both our borrowers and lenders/investors. With the expertise of our legal arm, we have been able to set clear terms and conditions for our customers including complying with the best international practices over and above that which is required by Zambian laws. We take a collaborative approach in educating our customers on our terms of use and ensuring good user experience in presenting and communicating the terms on our platform.

We do this through 2 primary methods: Education and Borrower profiling.

1. Education

We understand that the character of a borrower is a key factor in whether they will meet his/her loan obligation. To this end, we spend considerable time in educating the borrower as a means of positively influencing their character. Our loan process starts with education and creating self-financial awareness to the low income borrowers. This is followed by a clear explanation of the terms and conditions of the loan, in a language that is conversant to the borrower, and information on how the ability of the borrower to diligently abide by these terms helps them to improve their credit history performance, and to ultimately connect them to the formal financial system. Additionally, this education helps us to build a loyal relationship with our customers and understand their needs better. The credit we facilitate is built on responsible financing – transparency and trust to the investors by giving them sufficient information about the borrowers’ risk profiles and use of funds. Importantly, time is taken to explain to the borrowers what the Credit Reference Bureau (CRB) is, and to introduce them to the concept and consequences of “blacklisting”.

2. Borrower profiling

Importantly, our goal is to be sustainable in the long term, and we know that this will only be possible by ensuring that the majority of our borrowers have the capacity to pay back the micro loans they are given. Our profiling helps us to understand the borrowers better and as such, we take guardianship seriously, and are careful not to overextend the amount of credit to an individual until the borrower has proven that they have the ability to generate the necessary payments and thus not fall into a debt trap. We offer the right loan, at the right time to the right customer.

When funds are committed to a loan that has been disbursed, the money is with the borrower and cannot be reclaimed until it is repaid. When the borrower begins making repayments, these earnings are transferred back to your PremierCredit account. Once the funds are in your PremierCredit account, you can withdraw the funds at your convenience though we encourage you to re-invest to maximize your long-term returns.

Yes. Returns/Revenues that you earn on the investment will be considered part of your taxable income in accordance to the Zambian law. Non-residents (Foreigners) will also be required to pay taxes. PremierCredit will deduct 15% Withholding Tax for all interest earned by local investors on our platform and 20% Withholding Tax on Non-residents in accordance with Zambian law. Kindly note that we will be issuing you the Withholding Tax Certificate at the end of every month. That said, we are always flexible to issue it upon request by a lender/investor. In case of any further queries on tax contact us at investments@premiercredit.co.zm