On the Importance of Insurance

How well do you know your insurance? I’m directing this specifically to friends living abroad. Do you know what hospitals in your area are approved by your policy and what your coverage is? Two weeks ago I was ambushed by a mystery disease and had to figure all this out as I went along. My advice is to check now.

I’ll preface this by saying I’m back home in Lusaka now and feeling much better than before.

After feeling sick for a few days I eventually sought the advice of my good friend, who’s a neurologist, and his colleague, an infectious disease specialist. I went to the hospital where I received an ever-evolving diagnosis from the doctors there. For a while they thought it could be meningitis, then they were sure it was malaria, then a bacterial infection. After a few days of not knowing what to treat, I opted to use my evacuation insurance and be flown to a very good hospital in South Africa. That process was pretty impressive; the ambulance drives right out onto the tarmac to meet the plane. It was a small one with a bed for the patient and a few seats for the medical team. The team was top quality and I felt like I could really put my trust in them, although I may have been influenced by their sweet matching jumpsuits. After an hour and a half in the air we landed in Joburg where another ambulance was there to get me. No lines, no waiting; this is the way flying should be.

The battery of tests they ran in SA all came back normal and they were able to rule out anything life threatening. Ultimately they diagnosed me with some mystery virus that needed to burn itself out. After getting jabbed in every part of my body, sampling a diverse array of pain killers, getting my brain imaged and my spinal fluid drawn, and not being able to go anywhere without trailing my IV drip, I feel very lucky and happy to be out of hospitals with no more serious diagnosis. I also feel very fortunate to have had so many people help me out during the process, checking in on me and helping me make decisions about my health in a confusing situation. It's hard to be far from family at a time like that, but I know they were glad I had people watching out for me here. Insurance is important, but good friends are equally vital.

FINCA, A First Look

FINCA was founded in 1984, only one year after Grameen Bank (the brainchild of Nobel laureate Muhammad Yunus), making it one of the oldest microfinance institutions in the world. The organization was born from the notion that a lack of collateral was the main obstacle preventing people with low income from accessing credit. Allowing a group of borrowers to personally guarantee one another in lieu of physical security was the cornerstone FINCA was founded on.

In 2001, FINCA Zambia opened its doors for the first time in Lusaka. It arrived with the strength of 17 years experience and development backing it up. A pioneer in the Zambian market, its model met the needs of local small business people in new and innovative ways. Access to capital without collateral enabled these people to grow and expand their operations. What’s more, FINCA offered an approach targeted to their specific needs in a way large banks were previously unable to. It wasn’t long before the enormous potential of filling this gap was recognized by others and the microfinance market started to boom. Currently, there are at least eight MFIs operating in Zambia, with others looking to enter the market and traditional banks developing their own microbusiness departments. Offering Zambians access to traditionally inaccessible financial services (going beyond just loans) is a thriving business right now, and you will find the same holds true in many developing countries around the world.

When we consider my experience with FINCA we’re talking about a much smaller timeline of course. I’m coming up on my two month mark soon, and it’s about time I explained what I’ve been doing. My first year in the Junior Manager Program was designed to give me an inside-out understanding of how FINCA Zambia’s operations work. Logically, the place to start was as a Loan Officer; the front line and foundation of the whole organization. After a few weeks of orientation, mentorship and training, I became a certified Business (Individual) Loan Officer exactly one month ago. This means I find my own clients, conduct analyses, disburse loans and manage a portfolio. There’s no better way I could’ve built my understanding of this business than working at its heart. I’ve learned a great deal about how businesses operate, and how to analyze those operations within the specific context of the endemically informal Zambian market. Each loan is a unique challenge with an intriguing story that must be unraveled. I take great pride in tailoring the right loan for each client and seeing them use it to improve their businesses. Since starting, I’ve taken on ten clients in businesses ranging from groceries to butcheries to pie-making. The loans have ranged from 600 to 2,000 USD and have been used for buying soft drinks, rebuilding a roof, doubling pie production and buying chicken feed, to name a few. My repayment rate is, as of now, perfect, but it we’ll see how it fares over the next week as many of my first payments come due.

FINCA has brought many changes to my life here. I ride my bicycle to work or take the bus. My office is deep in the bustling downtown area, nestled between bus stations and markets. I work with an all Zambian staff, and most conversations in my office don’t take place in English. This has really given me the opportunity to improve my understanding of Nyanja (my starting point in the list of 70+ local dialects). My coworkers are really supportive of my efforts and go out of their way to help me learn, which is very encouraging. All of these things have boosted my understanding of Zambia and given me a much more acute sense of belonging. It’s a function of both the time I’ve spent here and the new environments I’m in, but the result is I’m really enjoying where this new year is taking me.

(Soweto Branch)

(Sikufele, my first client, at his grocery)

Side note: while it's not New England autumn foliage, our trees are putting on a pretty spectacular display of their own right now.