AMZ achieves significant milestones as 2020 comes to a close
While 2020 has been a tumultuous year, we are still pleased to report that AMZ has delivered strong results despite the challenges posed by COVID-19. After a period of lock-down during April-June in Zambia, economic activity has slowly picked up and it has allowed AMZ to recover much of the lost ground and stay in line with its own plans and goals for 2020.
During the year AMZ has opened six new branches, with the latest expansion of two branches taking place during September. With this, AMZ now has a network of 20 branches covering most of the provinces of the country, barring the Eastern province (planned for 2021). New branches this year were established in diverse locations such as Choma in the South, to Mbala and Kawambwa in the North.
During the month of October 2020, the loan book surpassed ZMW 100 million mark representing a strong 40% growth from the start of the year with clients numbering in excess of 70,000.
Whereas the microfinance industry does not yet share data amongst its members, based on published information from other key MFIs, we believe that unofficially this establishes AMZ as the largest Zambian MFI, both in client numbers as well as its loan book.
Another significant milestone for the year has been the introduction of digitized client signatures in operations. With the introduction of a loan officer tablet application in 2016, AMZ embarked on a digitalization journey with the aim of significantly reducing the use of paper within its operations. Today, clients are now
able to append their signatures directly onto a tablet. Client officers conduct all
their work from registration, through to cashflow analysis, loan application
disbursements, and collections via an offline mode of the tablet application.