Agora Microfinance Zambia

With a loan of EUR 100,400 AMZ will be able to provide loans to 10 trading and wholesale businesses in order to expand.

  • Local partner investment
  • 10 new jobs
  • 50 people reached



12 months



Annual interest
Fully funded in 3 hours on 9 January 2019.
+ 179 other investors

Agora Microfinance Zambia Limited (AMZ) was established in 2011 with the objective of providing financial services to the financially excluded (largely rural) population of Zambia. ​

During 2011-2017, AMZ has established 6 branches, created a clientele of almost 17,000 households, and as at end 2017, succeeded in achieving two consecutive years of full financial profitability.

With this loan, AMZ (with parent company Moringaway as investee) will be able to provide loans to 10 entrepreneurs in Zambia. All companies are trading and wholesale businesses. The clients are:

Alinani Ngambi General Dealers:

The business was established in August 2010 as a trading business with an initial investment of ZMW 20,000. They trade in all merchandise. The business has grown with a net value of ZMW 1,238,000.

Chwab General Dealers:

The business was established in 1997 with an initial investment of ZMW 2,000. The business has grown and the client has now two grocery businesses and has managed to build 4 houses and a shopping complex. The business is now valued at ZMW 1,100,000.

God's Time Transporters:

The business was established in 2009 in Kaoma district (about 400 kilometers from Lusaka). They currently have two shops and are also in transport business.

Kawamu Best Price:

The client established the first shop in 1997 with initial investment of ZMW 800 by Mr. Bernard Malama Kawamwilu. Currently the client has 3 shops and 16 retail spaces which he is renting out. The business is now valued at ZMW 1,500,000.

Tetemak General Dealers:

The client currently has three shops in Mongu (Western Zambia). He is also a distributor for soft drinks. The entire business is valued at ZMW 1,326,000.

Genuine Service Agents:

The business is owned by Margret Phiri. She has two lines of business – retail shop for groceries and a restaurant. The two businesses are valued at ZMW 887,000.

M'Bros General Dealers:

The business was established in 2013 with an initial investment of ZMW 50,000. The business is now valued at ZMW 2,194,000. The client has a hardware shop and a wholesale shop for general merchandise.

Zaneva General Dealers:

The business was established on 15th November 2013 in Mumbwa district (150 kms west of Lusaka) with a starting equity of ZMW 15,000. The client has a very big wholesale shop with stock valued at ZMW 1,077,000.

Domita Supermarket:

The retail outlet was established by Mr.  Michael Mulenga in 2005 with equity of ZMW 50,000. Currently he is running two outlets in Mkushi district (about 300 kms north of Lusaka). The two businesses are valued at ZMW 1,174,000.

Modesty Enterprises:

The client is running a retail outlet for electronic gadgets (laptops, phones, computer and accessories etc ). The business was established is 2013 with an investment of ZMW 25,000. The business is still small with net value of ZMW 90,000.


Company nameAgora Microfinance Zambia
CEOAlinani Ngambi
SectorWholesale / Retail

Impact of this project

  • With this investment 10 jobs are created
  • With this investment 50 people are reached

About the investment

TypeLocal partner investment
Funding target€100,400
Annual interest3.50%
Maturity12 months
Repayment periodSemiannually
Terms and conditionsShow
Note termsDownload
Information document issuerDownload

About the risks

What are the risks of investing money?

Our local partners cover the risk of currency exchange rates and loan defaults. They do this by maintaining financial reserves for this purpose . In addition, there is an option to claim their equity if needed. While these measures are intended to minimize the risk to funders, our local partners face risks of their own that could effect their ability to secure a loan. These include: - bankruptcy - currency exchange rates - fraud - operational risks - political and regulatory changes - natural disasters or epidemics.

If you invest direct in a company, hence not via a local partner, risks of default are not covered. As the risk that comes with direct lendings is generally higher than an investment through a local partner, the interest rate is also higher.

There is also some operational risk at Lendahand. An example might be that Lendahand is unable to find shareholders to finance their activities. In such a case, Lendahand will handle outstanding loans at the best of its ability. At the same time, our ability to legally address non-payment from local partners becomes understandably difficult.

How does Lendahand minimize the risks?

Local partners must adhere to our mission and work with us to provide loans that are affordable. This insures that local entrepreneurs have access to financing that allows them to grow their business. A local partner must also have a track record. In other words, they must have proven themselves as a meso-credit provider for SMEs. This means (for instance) that the partner must have a solid credit portfolio, along with enough buffers and equity to compensate for unexpected downturns. We also check the organizational structure of the partner and how robust their (internal) procedures are. Finally, the loans that a local partner receives via Lendahand must be in proportion to the partner's total balance sheet. A healthy balance between effectuating influence and independence is crucial. If you would like to receive more information on the financial indicators we employ, please contact us via

When currency exchange risks become too high for a local partner, Lendahand will urge the local partner to cover these risks. In some scenario's the local partner is contractually obliged to comply with these demands.

Lendahand will always conduct due diligence when a Company requests for a direct loan. To provide more insights on risks, an independent partie comes in to perform brief analysis on direct loans. The results can be downloaded on the project detail page of the direct loan. However, this analysis serves primarily as a tool for your own opinion and conclusion. Pay attention to the fact this analysis is not an investing advice.

Does Lendahand provide guarantee on the loans?

Normally we don't. Local partners take care of the repayment, even if (some) entrepreneurs are unable to do so themselves. If the local partner is for some reason unable to repay then there is a chance of partial or full loss of your money. For this reason Lendahand only selects financially solid partners based on strict criteria.

Also, for most direct loans no guarantee is provided. For these investments currency risks are covered however.

Sometimes - and only for some direct investments in Africa - our partner Sida, part of the Swedish government, will provide a guarantee with a maximum of 50%. If this is the case, it will be indicated explicitly.

Does Lendahand have a license or exemption?

Yes. The Dutch Authority Financial Markets (AFM) has provided Hands-on B.V. (with trade name 'Lendahand') in September 2016 with an investment firm license in accordance with article 2:96 of the Financial Markets Supervision Act (Wft). Placing orders on Lendahand's website is therefore an AFM regulated activity. Lendahand also meets its minimum capital requirements of EUR 125,000 following its license as required by De Nederlandsche Bank (DNB).

Lendahand uses an exemption from an approved prospectus that is available up to EUR 5 Million per year. 

How safe are my personal details?

We adhere to strict safety requirements with regards to private and payment details. All sensitive data is sent through an encrypted connection (https). Also, data is stored (encrypted) in a secured facility provided by AWS: the world largest hosting service. Customer documents can only be retrieved by a secured connection and multi-factor authentication.

What happens if the local currency devaluates?

Our local partners and Companies bear the exchange rate risks. We settle the loan, redemptions, and interest payments in euro.

Does Lendahand use a third foundation fund?

Lendahand works with Intersolve EGI: a Dutch financial institution that specialises in offering services in the field of payment settlement and electronic money. To be able to offer these financial services Intersolve EGI must comply with the applicable financial legislation. Intersolve EGI is therefore supervised by De Nederlandsche Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM) and is in possession of a license to act as an Electronic Money Institution (and therefore also has a license as a Payment Institution). Your money will be deposited on a protected and secure bank account until the project you have invested in has been fully funded. Intersolve in no way has access to these funds. Once the project is fully funded, the money is transferred to the local partner or company in question.

What happens with my money if Lendahand goes bankrupt?

If Hands-On BV (containing the brand name Lendahand) would go bankrupt trades between Lendahand and payment service provider Intersolve EGI would cease immediately. Intersolve will then transfer the funds in your personal wallet to your bank account (Note: if at this time the project you have invested in has been fully funded and the money has thus been transferred to the local partner, these funds will not be transferred back to your bank account). Intersolve will then in consultation with a trustee handle all repayments between the investors and investees up until the final repayment of the last project has taken place.

Additionally, Lendahand is part of the investor compensation scheme (ICS). This scheme aims to compensate individuals and small businesses who have trusted money and or financial instruments (such as notes or options) to a licensed bank, investment firm or a financial institution in case the financial firm is unable to meet its obligations arising from claims related to the investment service (in other words, if Hands-On BV is not keeping track of the acquired notes by investors in the Wge depot correctly). The ICS guarantees an amount of up to EUR 20,000 per individual. For more information, go to

Why is my money going via Intersolve EGI?

As part of the AFM license for investment firms it is required that operational activities carried out by Lendahand (maintaining the website, contracting of local partners, legal issues, etc.) are strictly separated from financial transactions (payments made through the website). Intersolve takes care of the payments. This collaboration offers you more security, since your money is placed on a protected bank account immediately after you have made your payment.

What happens when a local partner goes bankrupt?

When a local partner goes bankrupt, there will be a chance that you lose (part of) the amount you lend. Obviously Lendahand will try to recover outstanding payments, but the success rate will be limited in such situations. For the investor there is no possibility to take action against the financial institution. From a legal point of view the local partners are separated, therefore it is recommendable to spread loans across different local partners.

About Moringaway

Portfolio Overview€1,025,330
Equity / total assets83.00%
Write-off ratio last 12 months0.00%
% investment amount in arrears (>90 days)0.00%

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