AFC Commercial Bank, (formerly Agribank), has launched a new digital lending solution, OpenCred, positioning it as a tool to bridge Zimbabwe’s long-standing financing gap by offering fast, accessible loans with minimal requirements.
The launch comes at a time when access to affordable credit remains a major challenge for many Zimbabweans, particularly in the informal sector, which forms a significant part of the country’s economy.
AFC says OpenCred is designed to address this gap by combining digital convenience with simplified lending processes, aiming to unlock economic activity across communities.
The launch, held as the 2026 edition of the Zimbabwe International Trade Fair (ZITF) kicks off in Bulawayo on Monday, brought together business leaders, small-to-medium enterprise (SME) representatives, informal traders and city officials, including Bulawayo Mayor David Coltart and his deputy Edwin Ndlovu.
Speaking at the event, AFC Commercial Bank Head of Retail Banking, Maxwell Chakamba described OpenCred as a “fast, flexible and convenient” financial solution designed to meet Zimbabweans at their point of need.
“OpenCred touches every area of our lives, whether from an individual point of view or from a business point of view,” said Chakamba.
He said the product was developed to respond to real-life financial pressures, offering simple loans that can be accessed quickly for emergencies, school fees, restocking, or business growth.
“We are providing solutions that meet our stakeholders’ points of need. This is the new chapter we are creating for our customers, for our country, and for the stakeholders that we work with,” he said.
Chakamba said OpenCred seeks to reach individuals and communities historically excluded from formal financial systems, particularly those without collateral or financial literacy.
“We are looking at reaching out to individuals and communities that were traditionally excluded from financial solutions… those in rural areas who had no access. This is the gap that OpenCred is coming to close,” he said.
He added that the facility is designed to support the entire business value chain, from small informal traders to large corporations.
“An SME in Murambinda, for example, can sell goods to a manufacturer, and that product moves through the chain until it reaches the consumer. OpenCred supports that entire relay,” Chakamba explained.
The product offers a range of financial services, including short- to medium-term loans, working capital financing, order financing, invoice discounting and agribusiness loans.
Businesses can access funding to fulfil orders even before receiving payment, while invoice discounting allows them to unlock cash tied up in 30 to 120-day payment cycles.
Chakamba said the bank also provides structured debt solutions, bid bonds and promissory note discounting to allow for business continuity.
“For example, if you supply goods and payment comes after 90 days, we take that promise and give you the money now so your business continues,” he said.
For individuals, OpenCred offers loans of up to US$2 000, with repayment periods starting from three months at an interest rate of six percent per month.
The facility targets salaried workers, entrepreneurs and households, with a strong focus on education financing.
“We provide school fees solutions so parents can meet their obligations within a week or so. OpenCred comes in as a lifeline, you don’t need to stress,” Chakamba said.
He added that the product also caters for emergencies such as illness or bereavement, as well as opportunities for business expansion.
The bank says accessibility is central to the product, leveraging a network of 45 branches and agents nationwide plus digital platforms.
Senior Manager for Microfinance, Thembani Ndlovu said customers can access loans through multiple channels, including USSD, mobile application, website, WhatsApp banking and ATMs.
“For digital access, customers can dial *276# to apply for a loan instantly. The system shows how much you qualify for and allows you to apply immediately,” said Ndlovu.
He noted that existing customers benefit from quicker approvals due to available financial data, while new clients can apply using the AFC mobile application by uploading identification and proof of residence.
“We have also introduced Express Desks in our branches for quick service, as well as POS machines and ATMs for repayments,” he added.
AFC Commercial Bank Managing Director Ken Chitando said the launch signals a shift in how financial services are delivered in Zimbabwe.
“The launch of OpenCred is not simply a product milestone. It is a clear statement of intent to reimagine how financial services are delivered in Zimbabwe,” said Chitando.
“It reflects our commitment to ensuring that access to credit is no longer complex or exclusive, but fast, simple and effective.”
He said launching the product in Bulawayo ahead of the trade fair was deliberate, given the city’s role as a hub for enterprise and innovation.
“It is fitting that an innovation designed to unlock financial opportunity begins here,” he said.
Chitando said the bank will roll out the product nationwide, targeting individuals, SMEs and institutions, including schools.
He highlighted plans to finance school infrastructure and income-generating projects, including solar energy installations, particularly in underserved areas.
“The solution supports households in investing in education, energy and resilience. It empowers SMEs with working capital and enables individuals to manage financial needs with dignity,” he said.
Chitando added the success of OpenCred would ultimately depend on its adoption and its impact on people’s lives.
“As we leave here today, we are confident that OpenCred will play a meaningful role in shaping a more inclusive financial ecosystem,” he said.