James Chona on Advancing Financial Inclusion and Empowering Communities Through Microfinance

In this episode of Humanise, James Chona, Managing Director of Micro Finance Zambia, shares insightful perspectives on the transformative role of microfinance in driving economic empowerment and financial inclusion across Zambia. He reflects on how accessible financial services are helping individuals, entrepreneurs, and small businesses unlock opportunities for growth, resilience, and long-term prosperity.

He further discusses the importance of financial literacy, responsible lending, and innovative financial solutions in addressing the unique challenges faced by underserved communities. Emphasising the need for collaboration between financial institutions, policymakers, and development partners, he highlights how inclusive financial ecosystems can stimulate entrepreneurship, create sustainable livelihoods, and contribute to national economic development.

Transcript

SPEAKER_07 0:22

Hello and welcome to yet another episode of Humanized Digital Transformation Powered by Infratel. This is Rosemary Kaluane. In today's episode, we are honored to sit with a man whose work has left deep footprints on the financial landscape. He is a leader celebrated for excellency, discipline, and unwavering commitment to financial inclusion. He was honored with the NAN Banking Financial Institution's CEO of the Year Award at the 2025 Zambia Banking and Financial Awards. A recognition that highlights his leadership, integrity, and dedication to ensuring that every Zambian, regardless of background, can access the tools of economic development. In this episode, we are speaking with Mr. James Chona, Managing Director of Microfinance Zambia. Mr. Chona, welcome to this conversation.

SPEAKER_01 1:36

Thank you so much. It's a pleasure.

SPEAKER_07 1:39

Thank you. Mr. Chona, we'll start by looking at leadership with a human heart. You have been at the hem of microfinance Zambia for some time now, and your leadership has been recognized at national level. Tell us, what grounds your leadership?

SPEAKER_01 2:03

Thank you. I actually like the theme in terms of actually looking at it from a humanity point of view. I would say that the first step is recognizing humanity. What is humanity? And humanity as a creation of God, created in God's image. When you make that a starting point, you begin to look at serving and leadership, not just as a title, but also as a stewardship. You start looking at humans that they are created for a purpose. And you have to strive to identify what is the purpose that the people I work with, the customers I serve, and the general public, what is the purpose and what is my purpose. So I think real leadership begins by identifying that every person is created in the image of God and must be created as such. And must be sorry, treated as such than Him.

SPEAKER_07 3:05

I understand that your leadership is guided by the belief that every human being is created by God. Tell us, is there an inner compass that continuously guides your leadership?

SPEAKER_01 3:20

Yes, I I look at two basic uh principles in leadership. Uh wherever I've gone, I've always asked myself two questions, even on my first day. Uh the intent. I would like to leave this place better than I found it. Secondly, how will I leave an impression on the people around me? Are they going to be better off after interacting with me? So that's those two are the basic foundations that have actually led my basic principles of leadership. Look at the environment and the situation because every kind of leadership is actually an entrusted and delegated authority that you are given to look after that person. So, how am I going to live it? What is the impact? So instead of a title, I will focus on impact. What impact will I leave on the institution? How, what impression will I leave with those that have worked with?

SPEAKER_07 4:21

You are widely associated with numbers in the microfinance space. From an ordinary perspective, how would you define microfinance?

SPEAKER_01 4:33

I think away from numbers, we have to look at empowerment.

SPEAKER_02 4:36

Okay.

SPEAKER_01 4:44

So instead of me focusing at a customer coming to get a loan, just focusing to for me to meet a target and just lend, I should actually look at it to say it's empowering and enriching. Because it will be a story when you find there's that nurse or teacher in Caputa who has built a house from a loan. There's a small market trader who has upgraded her market store and now is trading into a proper shop. There's a small uh an SME out there on the copper belt who's able to access uh capital and uh raise capital to be able to do more supply. And I think when you look at it to say microfinance as a transformation tool rather than just uh uh money and a loan, you'll be able to look at it from a better place in terms of how am I enriching people's lives and how is it improving people's lives.

SPEAKER_07 5:41

Oh, thank you. That creates a clearer perspective. Many people tend to associate microfinance only with lending, but your explanation shows that it is truly about empowerment, it is something that transforms lives.

SPEAKER_01 6:02

Further to that, if I may add, I think uh as a deposit-taking institution, microfinance Zambia also is able to take inter deposits, and that creates a balance because we are able to balance between investments and lending. So we are one of those that actually practice what I can say responsible lending. Okay, we do financial literature programs and engagements before we lend to you. We would actually want to know in terms of how your earnings are so that we can actually rightly package the loan products that is suited for you and not overburden you. That way we're looking at it as like I said, financing as a tool of empowerment and not as a burden. Because it can be a karma burden if you actually just borrow for the sake of consumption.

SPEAKER_07 6:59

Thank you so much. Moving beyond numbers, let us turn to the digital lens. How do we ensure that digital transformation in financial services remains human-centered?

SPEAKER_01 7:15

I work on the acronym which I call ES EASE. Okay. E stands for education. Okay. From there, you whenever you're pre bringing in a digital uh platform or any kind of use that is uh digital, you should always look at it to say, let me educate the masses to learn about it because trust comes from knowledge. A is accessibility. How accessible is this tool? If you bring in a product that requires four pages to explain, then definitely you are aware from it, which also goes speaks into the S simplicity. You shouldn't create products which have got multiple menus and everything. Keep it simple and make it easy to use. Those digital products, whether it's a limit of education and what is simplicity should come in, and accessibility should come in. People are emphasizing so much, especially those of us in town who use smartphones, you want to use apps and what here. But there's my grandmother there in Monse who may not know how to use a smartphone. That's why basic use of a menu on USSD where you can just dial star XXXYash and access those uh those those menus in an easy way still is relevant to society.

SPEAKER_07 9:22

Wow, that's insightful. Ease educate, ensure accessibility, keep it simple, and make it empowering. I love it. Let's now look at digital adoption challenges. From your experience, what barriers have you observed in digital adoption?

SPEAKER_01 9:46

The headlines would say technology itself is a barrier, cost of hardware is another barrier, but I always think that it goes beyond that. I think it goes into trust. At the end of the day, people want to build trust, they want to know their money is safe, they want to know that they can actually operate in an environment which is simple and uh straightforward. When you build trust, then you are able to actually bring in a lot of uh users to adopt because without trust, then the adoption will be slower, and that's why you find most of these uh scammers and phishing uh activities that happen target trust because they would actually want to build a level of mistrust on the on the on the platform to actually make sure that people do not actually be able to grow there. But when you build trust, you have simplicity, then you are able to actually build a channel that will be able to be easily adopted, and of course, the headlines are still there. How do we make it more affordable and how do we make it more accessible to the community?

SPEAKER_07 11:01

You have already highlighted trust as one of your key strengths, something also reflected in your award, particularly in governance and integrity. Tell us in this digital era, how can financial institutions build trust and strengthen governance?

SPEAKER_01 11:24

It goes beyond numbers, like I said. I think it also goes beyond what you do outside the boardrooms and also outside the thing. I think what builds trust is the confidence that customers would have in you. Say it as it is, no hidden fees, to sell the product as it is, and also identify the needs. You see, you need to get into an environment where when you're building financial products, the primary purpose should be to improve people's lives and not to burden them. When you start coming in from that angle, even rejecting a loan is actually education. Because if you come to me and I find that you are already overborrowed, I should not be able to lend you. Because if I do, I increase your burden. I should be actually able to offer alternative solutions to actually uplift you. So even when I uh when we come to uh rejecting loans, it's actually in terms of education and empowering, focus focusing on empowerment. So I think building trust begins with your values. At MFZ, we actually work on our values of CRISP, where we actually look at we have to have the courage. The C is for the courage for us to actually disseminate and tell you exactly how our products are and be ambitious enough to grow. So we are in a highly competitive environment, but at the same time, we have to be responsible lenders. Respect. We respect every customer that comes in. I is for integrity, we have to do everything with integrity. Steadfastness comes in with diligence as well. We have to push and aggressive. Finally, we recognize partnerships through our P. That's why we are here working with Infratel and others to make sure that we we develop because no single institution can drive financial inclusion. That has been the mantra in all the works that we've done as MFZ to make sure that we deliver services to the customers that are relevant, empowering, and uplifting.

SPEAKER_07 13:51

Also, this is very educational and informative. We are bringing out important aspects that I'm sure many people appreciate about microfinance. Moving from that, let's focus on solutions and inclusive digitalization. From your perspective as CEO, what actionable steps can institutions take to ensure digital solutions are safe and empowering?

SPEAKER_01 14:25

Accessible is definitely through distribution. MFZ operates in 14 branches countrywide. We're operating, we're operating satellite branches, we're opening satellite branches in places where we haven't been. So, in terms of accessibility, we have to make sure that we are available everywhere, that we can reduce the time of travel. Then also we have to make sure that it's affordable. And finally, you have to make sure it's relevant. Okay, the key to that is empower empowerment. If a financial product does not improve, and I keep repeating this, if something does not improve somebody's life, then it's not it's not worth putting on the market. We have to aim that all the products that we're putting there, the primary purpose is uh is empowerment, and that's why the ease coming comes in. Let's educate, let's make sure that at least from there, once we we educate, we start from that point of view of uh of view, it will be there. Let's make it accessible, let's make it simple, and let's make it empowering. Those four are the key to delivering proper digital products.

SPEAKER_07 15:44

Okay, we now move to the future of financial services. Looking ahead, Zambia is becoming younger, faster, more digital, and more connected. In your vision, what does the future of microfinance hold?

SPEAKER_01 16:03

It looks digital. It looks digital. I cannot overemphasize that. I think uh we've seen it, uh, we are living in the Gen Z environment. Uh as a person who's grown, uh worked in the for decades in the in the in the industry from telecoms into consumer electronics, banking, and everything, I can say everything is converging in the digital space. But with that comes the demands of security, uh and it's also safety, and also how do we educate responsible usage of these uh digital platforms that we're being uh introducing. So there's a lot of education that will have to come in, and again, the foundation is my ease, yes, always focus on education, accessibility, simplicity, and empowerment. When you get that fundamental, though that that has a foundation for every product, you address the way forward.

SPEAKER_07 17:12

Thank you very much. You have explained it with clarity and simplicity, making it more accessible and empowering. Let's take a light moment. A digital tool you cannot live without a smartphone. The most underrated leadership skill. Listening, one innovation you believe will shape the future of finance.

SPEAKER_01 17:41

AI, of course, is coming in with digital story.

SPEAKER_07 17:45

Okay, so a book or a court that keeps you centered.

SPEAKER_01 17:49

James 1 verse 17, which I keep, I think uh everybody knows is my favorite scripture.

SPEAKER_07 17:55

Okay.

SPEAKER_01 17:56

Yeah.

SPEAKER_07 17:57

Let me ask for one more. Your message to young Zambians dreaming of entrepreneurship and leadership.

SPEAKER_01 18:05

Start now. Zambia is very ripe for opportunities. You can always move forward, and you have the support for every aspect of uh society, from government, industry, and even financial services such as us.

SPEAKER_07 18:20

Wow, I love the light moment. Thank you very much. Now that we have come to the end of this conversation, is there one key message you would like to re-emphasize?

SPEAKER_01 18:34

I quoted my favorite scripture, James 1, verse 17. Every good and perfect gift comes from above. Leadership is a gift from God. Uh, every day that I go to sleep, I'll tell you this for a fact. I always ask myself a question: how did I use this good and perfect responsibility that God has given me to improve somebody's life? In reflection, every day I look back at my weakness, if at all any, and I pledge, God willing, that the following day I should definitely do better than yesterday. That has been my theory in terms of leadership. So thank you so much for your for this opportunity. It's been an honor to be here. God bless you.

SPEAKER_07 19:26

Well, Mr. Chona, thank you so much for the blessing and for educating us. One powerful takeaway is your emphasis on reflection. Whether we are truly delivering as a leader, it takes courage to analyze, question, and audit ourselves. Without that courage, we may continue moving forward while overlooking our mistakes. Your reminder that before we retire each day, we should give thanks to the Lord. We should reflect and present our account is both powerful and inspiring.

SPEAKER_01 20:08

Thank you. Thank you so much.

SPEAKER_07 20:11

Well, you agree with me that this has been a very insightful conversation with Mr. James Jonah of Microfinance Zambia. This has been Rosemary. Until the next episode of Humanize Digital Transformation. Goodbye.

SPEAKER_05 20:31

The digital migration continues and Africa is at the verge of the new digital rise. Today's business must do what it takes to stay.

SPEAKER_04 20:49

There is a new generation of leaders who are getting the status.

SPEAKER_03 20:58

They see tomorrow's solutions.