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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><div align=center><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=996 style='width:747.2pt;border-collapse:collapse'><tr><td width=990 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span style='font-family:"Verdana",sans-serif;color:#1F497D'><a href="https://bullszimbabwe.com/"><span style='text-decoration:none'><img border=0 width=246 height=120 id="_x0000_i1025" src="cid:image001.png@01D6FBBE.85AC06D0" alt="cid:image001.png@01D6FBBE.85AC06D0"></span></a><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;color:#1F497D'> <o:p></o:p></span></p></td></tr><tr style='height:33.55pt'><td width=990 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:33.55pt'><p class=MsoNormal><span style='font-family:"Verdana",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:#1F497D'><a href="http://www.bullszimbabwe.com/">Bullszimbabwe.com </a> <a href="mailto:info@bulls.co.zw?subject=View%20and%20Comments">Views & Comments</a> <a href="http://www.bulls.co.zw/blog">Bullish Thoughts</a> <a href="http://www.twitter.com/BullsBears2010">Twitter</a> <a href="https://www.facebook.com/BullsBearsZimbabwe">Facebook</a> <a href="http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72">LinkedIn</a> <a href="https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO">WhatsApp</a> <a href="mailto:info@bulls.co.zw?subject=Unsubscribe">Unsubscribe</a></span><o:p></o:p></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:33.55pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;color:#1F497D'> <o:p></o:p></span></p></td></tr><tr><td width=990 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span style='font-family:"Verdana",sans-serif;color:#1F497D'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;color:#1F497D'> <o:p></o:p></span></p></td></tr><tr><td width=990 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span class=style30><b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:#1F497D'>Entrepreneurship Zone: 25 November 2024: Zambia: The entrepreneur who sold her house to build a fintech business</span></b></span><b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=990 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span class=style30><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> </span><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td></tr><tr style='height:3.0pt'><td width=990 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:3.0pt'><p class=MsoNormal><span style='font-family:"Verdana",sans-serif;color:#1F497D'><img border=0 width=804 height=268 id="Picture_x0020_2" src="cid:image003.jpg@01DAD37F.525D6250"></span><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.0pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> </span><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td></tr><tr style='height:10.05pt'><td width=990 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:10.05pt'><td width=990 rowspan=3 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:6.0pt;margin-bottom:9.0pt;margin-left:36.0pt;background:white'><span style='font-family:"Verdana",sans-serif;color:#555555'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:6.0pt;margin-bottom:9.0pt;margin-left:36.0pt;background:white'><span style='font-family:"Verdana",sans-serif;color:#555555'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:#1F497D;mso-fareast-language:EN-ZW'><img border=0 width=800 height=506 id="_x0000_i1042" src="cid:image004.jpg@01DB3F01.16AB8BE0" alt="Chilufya Mutale"></span><span style='color:#1F497D'><o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Chilufya Mutale<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Interview with Chilufya Mutale<br>CO-FOUNDER, eSHANDI<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Lives in: Lusaka, Zambia<o:p></o:p></span></p><div class=MsoNormal align=center style='text-align:center;background:white'><span style='font-family:"Verdana",sans-serif;color:black'><hr size=2 width="100%" align=center></span></div><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Chilufya Mutale is in the business of lending money to underserviced people in Zambia and beyond. As the co-founder of eShandi, a Lusaka-based company formerly known as Premier Credit, she has overseen the disbursement of over $11 million in loans since 2019. Starting as a small operation in Zambia, eShandi has expanded into Zimbabwe, Kenya, and South Africa, while diversifying its offerings to include payment solutions and value-added services like life insurance.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Mutale spoke to <em><span style='font-family:"Verdana",sans-serif'>How we made it in Africa</span></em> editor-in-chief <strong><span style='font-family:"Verdana",sans-serif'>Jaco Maritz</span></strong> about how she built the company.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Topics discussed during the interview include:<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:9.6pt;margin-left:0cm;text-indent:-18.0pt;mso-list:l2 level1 lfo4;background:white'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#555555'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Verdana",sans-serif;color:#555555'>The opportunity she identified to create a new kind of money-lending business<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:9.6pt;margin-left:0cm;text-indent:-18.0pt;mso-list:l2 level1 lfo4;background:white'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#555555'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Verdana",sans-serif;color:#555555'>The fear and uncertainty she faced when starting the company<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:9.6pt;margin-left:0cm;text-indent:-18.0pt;mso-list:l2 level1 lfo4;background:white'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#555555'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Verdana",sans-serif;color:#555555'>How she and her husband risked everything – their savings, their house, and their cars – to launch the venture<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:9.6pt;margin-left:0cm;text-indent:-18.0pt;mso-list:l2 level1 lfo4;background:white'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#555555'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Verdana",sans-serif;color:#555555'>Finding their first customers among market vendors in Zambia’s mining towns<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:9.6pt;margin-left:0cm;text-indent:-18.0pt;mso-list:l2 level1 lfo4;background:white'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#555555'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Verdana",sans-serif;color:#555555'>How they ensured the money they lent out was paid back<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:9.6pt;margin-left:0cm;text-indent:-18.0pt;mso-list:l2 level1 lfo4;background:white'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#555555'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Verdana",sans-serif;color:#555555'>eShandi’s growth from a brick-and-mortar operation to a digital platform<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:9.6pt;margin-left:0cm;text-indent:-18.0pt;mso-list:l2 level1 lfo4;background:white'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#555555'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Verdana",sans-serif;color:#555555'>Their reasons for entering Zimbabwe, Kenya, and South Africa<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:9.6pt;margin-left:0cm;text-indent:-18.0pt;mso-list:l2 level1 lfo4;background:white'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#555555'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Verdana",sans-serif;color:#555555'>Why she admires Canva founder Melanie Perkins<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:9.6pt;margin-left:0cm;text-indent:-18.0pt;mso-list:l2 level1 lfo4;background:white'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#555555'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Verdana",sans-serif;color:#555555'>What she would do differently if starting the company again<o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:9.6pt;margin-left:0cm;text-indent:-18.0pt;mso-list:l2 level1 lfo4;background:white'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#555555'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Verdana",sans-serif;color:#555555'>Untapped business opportunities she sees in Zambia<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Watch the full interview below:</span></strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><br style='box-sizing: border-box'><br><o:p></o:p></span></p><h4 style='mso-margin-top-alt:18.7pt;margin-right:0cm;margin-bottom:2.5pt;margin-left:0cm;background:white;box-sizing: border-box;line-height:initial;font-size:1.25rem;-webkit-font-smoothing: antialiased'><b><span style='font-family:"Verdana",sans-serif;color:black'>Interview summary</span></b><span style='font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></h4><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Zambian entrepreneur Chilufya Mutale and her husband-turned-business-partner risked everything to launch their lending company, Premier Credit, which has since been rebranded as eShandi. The couple poured all their savings into the venture. They also sold their house and their cars. “We were basically using public transport … We just went all in … It was a very, very risky thing that we did, honestly,” she recalls.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>Mutale recognised an opportunity to provide loans to small businesses and low-income consumers, many of whom were excluded from traditional financial services.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>To minimise costs, the couple decided to move from Lusaka, Zambia’s capital, to a smaller city. They settled on Kitwe, a mining town with significant economic activity.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>The next step was finding customers to lend money to. They strategically opened a small branch near the largest market in Kitwe, home to vendors selling everything from fresh produce to consumer goods. Their initial focus was on providing small loans, as low as $5, to these traders.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>The couple worked closely with market leaders, who managed the vendors and understood their operations. Because vendors paid levies to the market association, the leaders had insights into which traders were established, consistent in paying their levies, and likely to repay loans. In return for their cooperation, eShandi offered the market leaders interest-free loans.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>“We worked with them to help us identify the customers who we could work with. And then they created a platform for us where they gathered all the members together. And then we then basically pitched to them by talking about our products, our service offerings and what we can offer them,” Mutale explains.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>At the time, eShandi was a tiny operation – just Mutale, her husband, and two loan officers. Demand for loans was high, and their initial offering was a 30-day product with flexible repayment options, including daily, weekly, or lump-sum payments at the end of the term.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>To attract more clients cost-effectively, the company introduced a referral incentive. Existing customers who referred new clients enjoyed reduced interest rates on their own loans.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>The business grew organically as repayments, including interest, were reinvested into extending more loans.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>From Kitwe, the company expanded to another mining town, Solwezi, replicating its model of providing loans to market traders. Today, the company operates four brick-and-mortar branches across Zambia.<o:p></o:p></span></p><h4 style='mso-margin-top-alt:18.7pt;margin-right:0cm;margin-bottom:2.5pt;margin-left:0cm;background:white;box-sizing: border-box;line-height:initial;font-size:1.25rem;-webkit-font-smoothing: antialiased'><b><span style='font-family:"Verdana",sans-serif;color:black'>Reaching millions through technology</span></b><span style='font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></h4><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>With growing revenues, the company hired developers to create a technology platform that allowed customers to apply for loans digitally. This enabled the company to scale by removing the need for physical interactions with customers.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>A major breakthrough came when it partnered with mobile network service providers, which white-labelled the platform for their millions of users. “We [were] then able to instantly provide financing to that wider, wider base.”<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>The company has since introduced a range of other financial services, including payment solutions and value-added offerings such as life insurance.<o:p></o:p></span></p><h4 style='mso-margin-top-alt:18.7pt;margin-right:0cm;margin-bottom:2.5pt;margin-left:0cm;background:white;box-sizing: border-box;line-height:initial;font-size:1.25rem;-webkit-font-smoothing: antialiased'><b><span style='font-family:"Verdana",sans-serif;color:black'>Expanding across borders</span></b><span style='font-family:"Verdana",sans-serif;color:black'><o:p></o:p></span></h4><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>The company also pursued geographic expansion, with its first foray into Zimbabwe. Reflecting on this move, Mutale explains: “You’ll find that where a market may seem challenging, that’s where you have the greatest opportunity because the need for financing is much higher. And you’ll find that because there are challenges in accessing financing, this is where you have people who are more willing to repay on time because they want to maintain a good relationship with their financer so that they can continuously and easily access financial services. In markets that are very developed and people are spoiled with choice of where they can access financing, you’ll find that in such markets default rates are much higher because the customer can move from one financing institution to another.”<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>eShandi later expanded to South Africa and Kenya, much more developed markets. South Africa boasts a sophisticated financial services industry, while Kenya is home to established players like Equity Bank and the mobile money platform M-Pesa. However, Mutale points out that even in these countries, base-of-the-pyramid customers remain underserved. And while some customers may have access to specific financial services, they often lack an all-in-one platform that provides a full range of solutions.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white;box-sizing: border-box;font-size:0.975rem'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'>She also highlights the interconnected nature of the regions where eShandi operates: “There are a lot of Zimbabweans who are working in South Africa who are always sending money back home. There are people from Zimbabwe who are sending money to Zambia, to Kenya, to South Africa. So there are a lot of synergies and opportunities around operating in the same ecosystem. If someone has an eShandi app in South Africa, they can use the same app in Zambia, Zimbabwe, Kenya, and then they can transact on one platform. So you don’t need to build up financial data even when you’re in a different market.”<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif'>—Howwemadeitinafrica<span style='color:black'><o:p></o:p></span></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:23.4pt;margin-left:0cm;background:white'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#1F497D'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=990 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='background:white'><span lang=X-NONE style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='background:white'><span lang=X-NONE style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'> </span><i><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Invest </span></i><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Cellphone: +263 71 944 1674 | +27 79 993 5557 <o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Email: <a href="mailto:bulls@bullszimbabwe.com">bulls@bullszimbabwe.com</a><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Website: <a href="http://www.bullszimbabwe.com">www.bullszimbabwe.com</a> <o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Blog: <a href="http://www.bullszimbabwe.com/blog">www.bullszimbabwe.com/blog</a><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Twitter (X): @bullsbears2010<o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>LinkedIn: Bulls n Bears Zimbabwe<o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Facebook: <a href="http://www.facebook.com/BullsBearsZimbabwe">www.facebook.com/BullsBearsZimbabwe</a><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Skype: Bulls.Bears </span><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><img border=0 width=278 height=110 id="_x0000_i1030" src="cid:image005.png@01D6FBBE.85AC06D0" alt="cid:image005.png@01D6FBBE.85AC06D0"></span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;margin-left:36.0pt;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr><td width=990 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span lang=EN-US 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The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other Indices quoted herein are for guideline purposes only and sourced from third parties.</span></i><i><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p></o:p></span></i></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=990 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span lang=EN-GB style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></i></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=990 valign=top style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'>(c) 2024 Web: <a href="http://www.bullszimbabwe.com">www.bullszimbabwe.com</a> Email: <a href="mailto:bulls@bullszimbabwe.com">bulls@bullszimbabwe.com</a> Tel: +27 79 993 5557 | +263 71 944 1674<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=990 valign=bottom style='width:742.8pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr></table></div><p class=MsoNormal><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></div></body></html>