Gerald Gore and NMBZ gobble EFC Zambia to scale regional hustle

Zimbabwe’s NMBZ just crossed the border, scooped a Zambian microfinance player, and made it clear that regional expansion is not theoretical anymore.

What just happened

• NMBZ Holdings Limited wrapped up a majority buy-in of Pulse Financial Services Limited.
• The Zambian business trades as Entrepreneurs Financial Centre Zambia.
• This is a straight-up ownership move, not a loose partnership.

Why it could actually happen

• Regulators in Zambia signed off first.
• Approval came from the Bank of Zambia and the Competition and Consumer Protection Commission.
• Once those boxes were ticked, the deal closed.

How the companies are framing it

• EFC Zambia says these lines up cleanly with NMBZ’s regional growth play.
• Financial inclusion across Southern Africa is the headline justification.
• Internally, they are calling it a new chapter, not a takeover headache.

What NMBZ leadership is saying

• Gerald Gore described the Zambia entry as strategic and transformative.
• He talked up scaling financial inclusion and backing MSMEs harder.
• Digital banking solutions are being pitched as the next step.

Why Zambia matters to NMBZ

• Gore framed this as a long-term bet, not a quick expansion flex.
• The focus is on building institutions that push growth and prosperity.
• Zambia is being treated as a core market, not an experiment.

EFC Zambia’s side of the deal

• Bedah Salasini called the acquisition a major milestone.
• He highlighted stronger capital backing and better digital capability.
• Access to regional expertise was sold as the real upgrade.

What stays the same for clients

• EFC Zambia keeps its focus on MSMEs.
• Day-to-day service continues without a hard reset.
• The promise is continuity first, upgrades second.

What changes for clients

• A broader range of financial products is coming.
• Digital tools are meant to let customers transact anytime, anywhere.
• Scaling up operations is now realistic instead of aspirational.

Internal ripple effects

• Employees are expected to see wider career paths inside a regional group.
• The institution plans to grow without losing its microfinance identity.
• Management is pitching this as growth with stability.

The bigger economic angle

• Salasini said the wider market should expect sustained investment.
• Innovation is framed as fuel for Zambia’s economic transformation.
• Job creation and entrepreneurship are part of the sales pitch.

Values being emphasized

• Both sides leaned hard on integrity and client focus.
• Sustainable growth was named as the common ground.
• The language suggests alignment, not culture clash.

What EFC Zambia actually is

• A licensed deposit-taking microfinance institution.
• Built to serve micro, small, and medium-sized enterprises.
• Longstanding focus on entrepreneurs and community-level finance.

The takeaway

• NMBZ is no longer just talking about regional growth; it is buying into it.
• EFC Zambia gets scale, tech, and backing.
• Southern Africa’s financial map just shifted a little.