Chilufya Mutale
Chilufya Mutale is the co-founder of eShandi (formerly Premier Credit), a Zambia-based fintech company that extends loans to small businesses and low-income consumers. Alongside her husband-turned-business-partner, Mutale has overseen the disbursement of over $11 million in loans since 2019. The company has also expanded into Zimbabwe, Kenya, and South Africa, while diversifying its offerings to include payment solutions and value-added services such as life insurance.
But the journey to starting the company was fraught with uncertainty. For nearly a year, Mutale wrestled with the decision to leave her corporate job and struggled with the fear of failure. “I was very, very scared, very nervous,” she admits. “You know, when you move away from a job where you get paid every month, you’re losing job security … That security is significant because it covers all your expenses. You’re able to easily make your plans … But then when you’re doing things on your own, that security is completely gone.”
Mutale toyed with the idea of a hybrid approach, balancing her job and her new venture, but her employer, Express Credit – a lending business where she served as CEO – was in the same industry as the business she envisioned.
Despite her extensive experience in the financial sector, first with FINCA and later at Express Credit, the prospect of starting a business with her own capital felt daunting. “With Express Credit, the investors were well capitalised. You know, they’ve built big, massive businesses in Europe and then they’re testing the waters in Africa. So they have a lot of capital … And then here you are, first-time entrepreneur, like what are you thinking?”
Her doubts were compounded by family concerns. “What happens to my child’s future? Let me not be selfish,” she remembers thinking.
Most people also discouraged her from venturing out on her own.
Adding to her apprehension was the absence of relatable role models in Zambia’s financial services industry. “I didn’t have anyone I could look up to, to say, well, that person did it … I didn’t have that history of success stories before me to show me that it actually is possible. So it was difficult to even find a mentor or someone to guide me through it. So we went into the deep end without knowing how to swim in the deep end. That’s how it was for us.”
The couple risked everything to bring eShandi to life. They poured all their savings into the venture and 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.
Reflecting on their decision, Mutale acknowledges the gamble. “Today we may not regret it … but someone may say that it was like a really stupid move. How do you just put everything in something that’s unknown?”
Watch our full in-depth interview with Chilufya Mutale: The entrepreneur who sold her house to build a fintech business
