Who we are
Probfix Financial Services (Pvt) Ltd (“Probfix” or MFI”) was registered as a company in January of 2022 under registration number 877/2022 and was registered as microfinance institution in June of 2022 under license number 000839. The incentive to setting up Probfix was the prospect of playing an important role in the anticipated revival of the economy through the mobilisation of capital required to support Micro, Small and Medium Enterprises (“MSME”) in various sectors of the economy as well as providing short-term financial assistance to support personal needs.
The demand for financial support by individuals and MSMEs has an anticipated exponential growth given most people now want to augment salaries with extra income. However, there is a risk of an overweight in personal loans due to viable options to mitigating credit risk. Personal loans model is anchored on the ability to deduct instalments at source (payroll deduction) through a deduction code for civil servants and pensioners. For employees of private or public institutions, Probfix enter into partnerships with the employers through which instalments would be deducted at source and then remitted to the MFI. Loan products are also structured for group lending on the understanding that cross guarantees by group members would mitigate credit risk.
For business loans, the MFI focuses on value chain funding, mainly to agriculture, under structures with off takers for funded products.
Probfix mainly sells and distribute its products and services from its Harare Office through periodic outreach programs and an ever-growing agency network across the country. The team is led by Ringisai Runyowa as the Founding C.E.O, though the company has a lean staff, the team is energetic and highly productive. Agents are mostly opinion leaders of their respective communities. Origination and processing of loan applications is highly manual but generally efficient with all KYC documents returned as per general regulatory requirements.
Probfix mainly sells and distribute its products and services from its Harare Office through periodic outreach programs and an ever-growing agency network across the country. The team is led by Ringisai Runyowa as the Founding C.E.O, though the company has a lean staff, the team is energetic and highly productive. Agents are mostly opinion leaders of their respective communities. Origination and processing of loan applications is highly manual but generally efficient with all KYC documents returned as per general regulatory requirements.
