TechInAfrica – It’s reported that more than 80% of adults in Africa are unbanked. The statistics either proves that this percentage has no source of income or they don’t have the best way of banking their money. If in any case the later stands out, then most people stand a risk of losing their money through dubious ways of banking.
The financial service providers in Africa are on the rise with fintech startups finding innovative ways to help the unbanked adults. Reports have it that out of the 301 fintech startups, 125 of them strive to make the process of sending and receiving money easier.
The use of “mobile money” is on a significant rise in the continent, especially to those who lack the essential financial services from the traditional financial providers. You talk about mobile banking the first that comes up into your memory is the M-Pesa located in Kenya. The other mobile technology that’s on the rise is the Zoona.
Zoona was founded in 2009 by two brothers from Kitwe in Zambia. The technology currently operates in three countries; Zambia, Malawi, and Mozambique with the aim of expanding it to the Democratic Republic of Congo. Apart from offering financial services, the technology has been in a position to offer more employment opportunities to the locals.
Zoona’s trademark is the green color. The green boxes are found almost on every street in Lilongwe, Malawi’s capital. Ms. Killy Kanjo who is the first managing director of zoona in Malawi, says that the primary aim of Zoona is to build a good relationship with relevant stakeholders and to make people understand that Zoona’s operation is both economic and social.
Zoona managed to raise $15 million in 2016 from investors and Kanjo explains that zoona is on a mission of creating more jobs for the youth and empower women. She wants teenagers and women to be more independent than before. Zoona achievements have significantly been centered on its staffs who later on earn commission from their work.
The company has 500 agents in Zooma Malawi, and the agents have created more than 750 jobs at Zoona tellers. The company is working on boosting their liquidity to make sure that no customers go without money from their agents. Zoona only specializes in moving money quicker to the customers, not any other business.