AFC Commercial Bank, formerly known as Agribank, has officially launched its new digital lending platform, OpenCred Finance, a facility designed to widen access to credit for individuals, farmers, small and medium enterprises (SMEs), and institutions across Zimbabwe.
By Dickson Bandera in Bulawayo
With an interest rate set at 6 percent—considerably lower than prevailing rates in the local credit market—the bank has also introduced flexible repayment structures aimed at easing the burden on borrowers.
The launch, held on Tuesday on the sidelines of the ongoing 2026 Zimbabwe International Trade Fair, and attended by business executives, entrepreneurs, financial experts, and members of the media, marks a significant shift in the bank’s strategy toward fully digitised financial services. The move is expected to improve accessibility and reduce bureaucratic barriers in accessing loans.
According to AFC Commercial Bank officials, the OpenCred Finance facility allows applicants to access credit directly via their mobile phones without the need to open a traditional bank account.
The process is supported through a USSD code *276# system, enabling users to initiate loan applications instantly using basic mobile devices—a development expected to significantly broaden financial inclusion, particularly in rural and underserved communities.
The credit line is designed to support a wide range of needs, including payment of school fees, home construction, business start-ups, and stock replenishment for existing enterprises.
Educational institutions are also eligible and can access funding for solar installations, borehole drilling, classroom furniture, income-generating projects, and laboratory equipment.
For contractors and suppliers, the facility further provides support for tender-related financing, including bond guarantees—an offering expected to ease liquidity constraints often faced when pursuing government and private sector contracts.
The launch comes at a time when many individuals and businesses in Zimbabwe have been heavily affected by informal lending structures, commonly referred to as loan sharks, who charge exorbitant interest rates. These practices have left many borrowers trapped in cycles of debt, with limited capacity to repay and rebuild financial stability.
OpenCred Finance is expected to play a critical role in reducing reliance on unregulated lenders while improving transparency and accountability in lending practices.
If effectively implemented and widely adopted, the facility could become a key driver of economic activity, particularly for SMEs and the agricultural sector, which remain central to Zimbabwe’s economic growth.
With the rollout of OpenCred Finance, AFC Commercial Bank is positioning itself at the forefront of digital financial transformation, aiming to bridge the gap between formal banking systems and everyday financial needs through accessible, mobile-based lending solutions.
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