Banks and microfinance companies in Zambia offer financial services to individuals and companies. Some of the services include loans, personal banking, mortgages and insurance. Find the companies that offer these services on this site. Most commercial banks will offer personal banking facilities and loans for a mortgage and an asset such as a vehicle or home furniture. There is also a host of microfinancing enterprises where individuals can raise capital to finance a small business or assets for a home improvement project. All insurance companies offer insurance for various needs such as home, education, funeral or life insurance policies for individuals.
The financial services sector provides financial services to people and corporations. This segment of the economy is made up of a variety of financial firms including banks, investment houses, lenders, finance companies, real estate brokers, and insurance companies. As noted above, the financial services industry is probably the most important sector of the economy, leading the world in terms of earnings and equity market capitalization. Large conglomerates dominate this sector, but it also includes a diverse range of smaller companies.
In order to expand your business, you might need access to capital through financing. However, finding the right funding model is vitally important. This is because if you get from the wrong sources, you may lose part of your company or find yourself locked into repayment terms that impair your growth for many years into the future.
Before sourcing finance, you must first:
Types of finance
There are two main types of finance which include:
Debt finance – money borrowed from external lenders, such as a bank, or micro-financing institution.
Equity finance – investing your own money, or funds from other stakeholders, in exchange for partial ownership.
Sources of finances