African Financial Services or “AFS” is a microfinance business that specializes in the provision of credit products to consumers. We believe that the development of innovative financial services products to serve the consumer is fundamental to supporting development and empowering individuals in Africa.
The primary lending model is based on a responsible and robust tripartite relationship between employer, borrower and AFS. We determine affordability based on proven income and use proprietary methodology to set lending levels together with the individual borrower. Repayments are made directly from the employer at a payroll level and ability to repay is continually monitored with the borrower.
In addition to prudent lending, we have a central belief that our processes should be swift and efficient. This means that in general cash advances are made immediately to borrowers who meet the appropriate criteria.
Some of the main uses of AFS loans are:
- To support the individual during times of emergency
- To allow the development of family entrepreneurial activities
- To support children in education
- To purchase life-enhancing assets
- To finance unforeseen medical emergencies
AFS currently operates in Ghana, where our products are targeted to the formally employed. We intend to expand operations in other key sub-Saharan countries, and to expand the product set to include other credit and insurance products.
The founders of AFS contribute many years of experience gained across Africa in the delivery of credit for the benefit of African working people, and have long-standing relationships with clients, communities and other partners across the continent.