Frequently Asked Questions
What does EFC Zambia do?
EFC Zambia is a licensed deposit-taking microfinance institution, regulated by the Bank of Zambia. We offer loans, savings, and payment solutions designed to support individuals, entrepreneurs, and small businesses.
Who can bank with EFC?
We serve Micro, Small, and Medium Enterprises (MSMEs) and individuals who want access to affordable financial services.
What types of loans can I get from EFC?
We offer:
- Business Loans
- Home Improvement Loans
- Women Market Trader Loans
- Invoice Discounting
- Order Finance Loans
- Salary-Backed Loans
- School Improvement Loans
- School Fee Loans
- Teacher Loans
- Asset Finance Loans
How do I apply for a loan?
Visit any EFC branch, call us on 8899 (toll-free), or email us through customercare@efczambia.com.zm. Our staff are ready to guide you.
What do I need to apply for a loan?
You will need:
- A valid NRC
- Proof of residence
- Business records or payslip (depending on loan type)
- Guarantor or collateral (for some loans)
What kind of documents do I need to open an account?
- National Registration Card (NRC).
- National passport.
- Valid driver’s license.
- 2 x Passport-sized photos.
How long does loan approval take?
Your loan application will be processed within 5 working days, provided that all the loan requirements have been submitted for processing.
Can I save with EFC?
Yes! We offer:
- Savings Accounts – flexible and easy to use
- Fixed-Term Deposits – with competitive interest rates
What are the minimum and maximum balances for a term deposit?
The minimum amount is K2,000, and there is no maximum balance.
What Happens At Maturity of The Term Deposit?
At maturity, you can choose to transfer the interest earned and principal back to a savings account, or you can roll over the capital and / interest into a new investment at a new market rate.
Is my money safe with EFC?
Absolutely. EFC is fully regulated by the Bank of Zambia, and your deposits are protected under strict financial standards.
What digital services does EFC provide?
You can bank with us anytime, anywhere through our Mobile Banking Channel (*8899#). Through our Mobile Banking services, you can pay your bills with no extra charges, transfer funds, and check your account balance. You can also send money to your EFC account from any mobile money wallet.
Can I repay my loan using mobile money?
Yes! EFC loans can be repaid conveniently through mobile money platforms.
What is Client Share Ownership Programme (CSOP)?
CSOP is a unique programme that allows loyal borrowing clients to become part-owners of EFC.
How do I benefit from CSOP?
By repaying your loans on time, you earn shares in EFC. This helps you build long-term financial security and benefit from dividends when declared.
Where can I find EFC branches?
We have eight branches across Zambia, specifically, in Lusaka, Ndola, Kitwe, Chipata and Solwezi.
How do I contact EFC?
- Visit any EFC branch at these locations.
- Call our customer care line – 8899 (toll-free) or our Head Office on 0211420200
- Reach us via email at customercare@efczambia.com.zm