(a.)Benefits to Employees of Partner Organisations

State employees will benefit from the company through accessing various loan products as follows;

• Salary Based Loans; we will offer loans to the civil service staff based on their salaries, and these loans will help cushion civil service staff against huge expenditures such as school fees, and other emergence expenditures.
• Business loans-to carry out various income generating projects. Although Merit Financial Services will be into Moneylending business, it is often difficult to tell the real reason why the customer seeks to borrow. Even informal entrepreneurs in hawking business regularly resort to money lenders when they need to grow their business or when they see a new business opportunity.
• Consumption loans-this is typical consumer finance where consumers borrow to supplement their day to day consumption needs.
• Educational loans; the increasing unavailability of government grants/loans for tertiary students has resulted in most parents using moneylenders to borrow for college fees. Applicants also borrow for secondary school fees, vocational college fees or even primary school fees
• Agricultural loans; a lot of borrowers are small scale farmers who engage in seasonal borrowings to finance the purchase of inputs such as fertilizers, seeds, and also to pay workers.
• Emergence loans; typically these are borrowers to finance unexpected finance needs such as hospitalisation and medical bills, funeral expenses, vehicle repairs Because of the limited scope of financial inclusiveness in Zimbabwe, the bulk of the bottom end of the market do not have medical aid, short term insurance, life assurance or funeral assurance.
• Electrical Gardgets: we also offer alternative power gadgets to carter for power shortages and those who are in newly built residential areas.

(b.)  Expected Coverage of Employees

Initially, the company expects to cover employees in Harare, and the surrounding areas. Eventually, however, services will be expanded to cover areas where your organisations have operations

Our budgeted coverage is to reach 1500 employees in 2015, 10 000 employees in 2016, 20 000 employees in 2017, and 50 000 employees in 2018

(c.)  Electronic Data Exchange Media

Merit Financial Services will compile a list of all borrowers on a soft copy, together with deductions calculations, and bring the electronic Media to your Company’s HR.

(d.)  Processing of Stop Order Forms

All Stop Order Forms will be signed by the borrower, and Mr. Robert Chihota, (the Chief Executive Officer) will personally process all stop orders by entering all necessary details in soft copy and save all information on diskette or other electronic media. The diskette will then be delivered every month to your Company’s HR Department. At Merit Financial Services, all Stop Order Forms will be neatly filed and kept in safe custody at our offices.

(e.) Exemptions from the Stop Order Facility

Loans will not be extended to those that your organisation, as the Employer, has specifically asked us to exclude from the Stop Order facility.

(f.) Levies

We agree that the HR Department or the Payroll function, will charge us (and deduct from all payments due to us) such commissions for the administration of the Stop Order Facility as has been notified to us.