Zamcash is one of the most enduring online mobile loan providers in Zambia. They have been around since 2021 but their parent company, BIU Capital was incorporated in Zambia in 2019.
Here is everything I learned after researching and personally getting a loan using Zamcash.
Is Zamcash legit or a scam?
Zamcash is indeed a legitimate online loan service. If you want to know if a service is legit, you should start by checking who the owner is.
BIU Capital, a Ugandan financial company, runs Zamcash. It is registered with the Bank of Zambia and so you can be sure it is bound by the country’s financial laws. If they in any way violate any law, you can be sure they will face penalties.
Pros and cons
Pros:
- No app required
- Fast processing (just 5 minutes)
- Increasing loan limits
- No need for pictures of your NRC or your selfie
Cons:
- High interest and fees
- Low first loan amount
- You don’t get the full loan amount. An approval fee is deducted.
How to borrow
The best part about Zamcash is that you do not need to install any app. It can be accessed from any web browser like Chrome, Edge, Opera, etc. This also means you can get a Zamcash loan on a desktop computer or laptop.
Here are the easy steps to get an instant loan from Zamcash
Page 1
The first page is basically just the introductory screen. It says you can borrow K500 and repay K500 in 14 days. Yes, that’s true but it’s also misleading.
I say this because for your very first loan, you can get as little as K200 depending on your credit score.
As you keep borrowing, your loan amount will increase into the thousands of Kwacha.
Page 2
Page 2 is where you submit your phone number for the purpose of code verification.
- This is the line to which the loan will be sent. You therefore have to make sure it’s currently in your phone.
- If you have multiple numbers, I would advise you to use the one that has the most mobile money activity. This will increase your chances of your loan getting approved.
Page 3
Page 3 is where you now get your confirmation code. In some cases, you may need to request the code a second time before it arrives.
What if I can’t receive the code?
If you have requested the code the second and third time with no success, you can use USSD.
Dial *384*76#
You first have to request for the code on page 3 and then if it does not arrive, you dial *384*76#. Don’t go straight to USSD before you make the request online.
Page 4
Page 4 is where you get to select the loan amount you wish to get, and for how long. The starting amount is K200 but can be higher if you have a good credit score. The first loan term is 14 days. You will also see an option for 30 days but that only becomes available on your second loan.
How much can I get from Zamcash and what are the interest rates and fees?
You will be charged 35% interest with a loan term of 14 days. On a K200 loan, you will receive K175. That’s because there is a K25 approval fee.
This means on a K200 loan, you get K175 and pay back K235. I don’t think this is a good idea. If someone wants to get K200, let them get K200 and just increase the repayment amount.
- Loan amount = K200
- Interest = 35%
- Approval fee = K25
- Loan term = 14 days.
What’s the largest amount you can borrow?
If you keep borrowing and paying back, you will have access to larger amounts. The loan can go as high as K6000. The key is to just keep paying back on time.
Remember that the better you perform with Zamcash, the better your overall credit score. This will give you access to bigger loans even with other institutions.
Page 5
Page 5 is where you get to fill in your personal details. You will be asked to provide:
- Your name: should be exactly as it appears on your NRC. It should also be the name that the phone number you provide is registered under.
- Your NRC number: No need to type in / as these will be filled in for you. Just keep typing and the system will insert the / where they need to be.
- Your birthday: There will be a drop down menu for the date, month and year of birth.
- Your field or sector of work: this is just your general field of work. %
- Your salary date, which is just the day of month you get paid from your job or business.
- Your monthly income
My field of work is not listed
It’s likely that your field of work will not be listed. For example, if you are a teacher, you will not see that option in the drop down menu. What you do is just pick ‘other sector’ at the bottom of the list of sectors.
I find it strange that they have listed ‘hunting’ as a choice but have not included ‘education’. I don’t know anyone who makes a living as a hunter.
What if I have no specific salary date?
If you are in business, you most likely have no fixed date when your money comes in. In this case, just pick the next day when you would be able to pay back the loan. This does not matter much so any day will do.
Page 6
Page 6, which is actually step 2, is where you provide your next of kin and your workmate. Be sure to provide their full legal names and contact details.
Zamcash will probably check the names against the provided phone numbers so be sure to keep them accurate.
What if I have no workmate?
If you have no workmate, just pick anyone close to you, preferably someone you have any business dealing with in any way.
Whoever you pick as your next of kin, make sure you inform them. It is, let’s just say, impolite to submit someone’s name as your next of kin or workmate.
Page 7
Page 7 is where you will be asked to provide an alternative phone number. This will increase the likelihood of your loan getting approved. They say it also gives you access to higher initial loan amount.
This is not necessary. It just gives Zamcash more assurance regarding your identity.
Page 8
Page 8 is the final stage. It’s really just a screen that tells you your application has been submitted and is under review.
From this point, you have to keep your phone on because a Zamcash agent will soon call you.
How long does it take for the loan to go through?
It takes about 5 minutes from the time you submit your application to the time you get credited. If this is your first time getting a Zamcash loan, you will be called for a short interview.
How does a Zamcash interview go?
Zamcash will call you to verify your information. It’s not much of an interview and only lasts a minute or two. It’s just a few questions about what you do, where you live, possibly a few questions about who your next of kin is.
I must say that if you get a call, consider the loan approved unless you give different details from those you submitted in the application.
Does Zamcash check my messages and contacts?
No. Zamcash does not check your messages or your contacts. A lot of online mobile loan apps like Zeed Loan request access to your messages and contacts but not Zamcash.
Some loan apps use your messages to see if you have enough mobile money activity. That seems fine but where things get sketchy is when they scrape your contact list. They then send them messages to embarrass you and compel you to pay. This is highly unethical so you should not expect this from Zamcash.
How to pay back your Zamcash loan on Airtel
1. Dial *115#
2.Select option 4 Make Payment
3.Select option 6 Goods & Services
4.Enter number 1 on merchant code
5.business name type “zam”
6.Enter reference nrc number without slashes.
7.Enter repayment
8.Enter pin
How to pay back your Zamcash loan on MTN
1. Dial *115#
2. Select pay bill “option 3”
3. Select retail payment “option 8”
4. Enter Merchant code enter “zam”
5. Enter Repayment Amount
6. Enter Reference, here enter your NRC without slashes
7. Enter PIN(Your own PIN)
How to pay back your Zamcash loan on Zamtel
1. Dial *115#
2. Select option 4 “Make Payment”
3. Select option 5 “Zamcash Repayment”
4. Enter NRC
5. Enter Repayment Amount
6. Confirm repayment and handling fees
7. Enter PIN
You can use any number to repay your loan. All you need to do is to fill in your loan on step 5. This will link your payment to your account and it will soon reflect.
Your mobile money provider, Airtel, MTN or Zamtel will charge you a transaction fee. It’s just about the same as a withdraw fee so something like K2.5 to K3.5.
If your repayment does not reflect
If you have made a payment towards your loan, it might take a little while to reflect. This is not a problem and should last not more than 30 minutes.
If it seems prolonged, you might want to contact customer care on the lines below. You should keep the confirmation texts you received from your mobile money provider. You might need to forward this text to confirm your repayment.
What happens if you do not pay back your loan?
A few days before the due date, an agent will call you as a reminder. It would be best to answer the phone and explain your difficulties.
You can pay in installments if you can’t pay back in one lump sum.
If you fail to pay back, you will keep getting calls and SMSs. Should you ignore these calls, your name, phone number, and NRC number will be submitted to the Credit Bureau.
Being blacklisted by the Credit Bureau means you will not be able to get a loan from anywhere until you get cleared by Zamcash.
Although this might not seem like a big deal if you currently aren’t in a position to get loans from anywhere, it might be a serious problem in the future. By then, the loan will have ballooned.
Does Zamcash post people who fail to pay on Facebook?
No. That would be illegal. So far, no online mobile loan provider has been reported to do that. The unethical ones will threaten you with exposure on social media but not Zamcash.
It’s regulated by the Bank of Zambia and such actions would attract serious penalties. If a Zamcash agent is threatening you with posting your detail on social media, simply contact the lines I have given below.
Does Zamcash send messages to my contacts about my failure to pay?
One of the worst pressure tactic used by unlicensed loan companies is contacting people on your contact list. Zamcash does not do this as, once again, it would be a violation of BoZ regulations. Your privacy should not be violated.
In fact, as earlier stated, Zamcash does not even gain access to your contact list or messages. The only people they contact are your next of kin and your listed workmate.
The worst that their agents can do is harass you with call after call, SMS after SMS. However this is only if you do not pick up. If you explain and negotiate with them, they are understanding.
Don’t fall for fake Zamcash sites
Although Zamcash itself is legit and safe, there are unscrupulous people who who might scam you by tricking you into providing your personal details on a fake website.
This has so far not been reported but it is a common scam method called phishing. You don’t want to be the first.
To visit Zamcash, click here. Make sure the URL is zamcash.com. It should not say anything other than that.
How to contact Zamcash
You can contact Zamcash on Airtel, Zamtel, and MTN. These lines are for calls but there is also a WhatsApp line.
Airtel contact numbers
- 0771776502
- 0776435586
MTN contact numbers
- 0962303456
- 0765654912
Zamtel contact numbers
- 0957795462
- 09577954 08
WhatsApp contact numbers
- 0962099742
- 0765654912
How does the referral program work?
In what’s a very rare feature for Zambian online mobile loan providers, Zamcash has a referral or affiliate program. If someone clicks on your affiliate link and gets a loan, you will instantly receive K25.
This is something I have tried and can confirm that it works. You can spread your link via WhatsApp to your friends and family.
You can also post your link on Facebook or other social media platforms. There is no cap on how much you can earn.
Even if someone does not get approved for a loan on their first try, you will still get paid whenever they will succeed.
It does not matter whether months or even years have passed. As long as they signed up under you, you will be paid K25 when their application goes through.
Frequently Asked Questions Summary
Zamcash is convenient and fast, but the fees are relatively high. It may be suitable for short-term emergencies, but does not seem ideal for large loans.