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Alba Iulia
Monday, February 17, 2020

Zoona raises US$1 million from IFC and MasterCard Foundation to expand mobile banking in Zambia

Headlines Zoona raises US$1 million from IFC and MasterCard Foundation to expand mobile...

Zoona Booth
Zoona Booth

South African based Payments service provider Zoona has raised US$1 million from the International Finance Corporation (IFC) and the MasterCard Foundation to strengthen the reach of its mobile banking services in Zambia.

Initially launched in Zambia, Zoona has become the country’s leading payments service provider.

It provides financial services through its mobile money platform, and offers emerging entrepreneurs an opportunity to provide money transfers and financial services to low-income consumers through its network of over 1,500 mobile money agents.

“Zoona was founded with the purpose of helping communities thrive. We work with emerging entrepreneurs to lay the foundation for the sustainable and inclusive economic growth necessary to tackle today’s challenges and to secure the future of generations to come. This project will help Zoona expand its work to increase financial inclusion in Africa,” said Lelemba Phiri, chief marketing officer at Zoona.

IFC will provide advisory services for three years to assist Zoona to develop and roll out a new mobile wallet solution that will allow customers to store and send money, with the aim to reach 300,000 new customers.

The project is part of the Partnership for Financial Inclusion, a US$37.4 million joint initiative of IFC and the MasterCard Foundation to expand microfinance and advance digital financial services in sub-Saharan Africa.

“Mobile money solutions have been rolled out across the continent in recent years with remarkable impact on financial inclusion. Now is the time to focus on the products offered through these mobile platforms to ensure they meet the needs of low-income people and small-scale entrepreneurs and truly help improve peoples’ lives,” said Riadh Naouar, head of IFC Financial Institutions Group Advisory Services in Sub-Saharan Africa.

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    • Well , I have a guy feeling that will end in tears.

      South African companies, look at Zambians for exploitation..

      You are a docile company, that relies on foreign persons to boost your economy, You lazy 3astards.

      Forever settling for mediocrity



    • I equally have serious questions about this company. Not long ago they acquired another loan which i believe they have not settled yet and now another ??????????????????

    • Now they will build mansions and what we hear next year are arrests.
      Then Mutati will give another speech that people don’t pay bills not even repay loans.

    • Why can we raise funding from within Africa..where are the so called African millionaires investing their capital? is there no platform to attract private funding!!

  1. Mushota, these days people beat you at your own game and it’s been a while since I have seen you being the first commenter. It’s like other people are now receiving the news feed much earlier than you or Nick has been keeping you busy these days.

    But you are right that about almost every business being run by South Africans. I actually thought this Zoona was Zambian owned… shame on us all (including you Mushota).

  2. This is good news! Guys, this is a company owned by Zambians. It was initially launched here, but the owners have relocated to SA. Please let’s support our very own instead of always pull him/ her down. Lelemba was at ZCAS and she studied accounts. She’s just using her skills while you sit at home and just hate from your chair. This has nothing to do with politics! Go Lelemba! Go Zambia!! We need more such people to help liberate Africa!

    • She has helped lots of poor people receive money. The agents are learning new business skills. Well done ZOONA.

    • If she is a co founder why is she a chief marketing officer, last title I saw 10 years ago was Chief Communications Officer…nothing about it being a Zambian company. The co owners from research seem to have been Brad and Brett Magrath unless the have sold their stake to way for these Global Partners.

  3. There are lots of business opportunities in Zambia. Do not blame foreigners. Invest in Zambia. NOEL Nkhoma has shown you. ZOONA agents are making it. Mushota what have you done for the country?

  4. This to me looks like Southern Africa answer to Kenya’s M-Pesa which has made Kenya a leader the world of mobile money…the only difference is it was launched in 2007 by Safaricom, the country’s largest mobile-network operator, it is now used by over 17m Kenyans, equivalent to more than two-thirds of the adult population; around 25% of the country’s gross national product flows through it. M-PESA lets people transfer cash using their phones, and is by far the most successful scheme of its type on earth. It really pains me to see that the likes of ZAMTEL are not involved in such schemes with their coverage and assets.

    • @jay Jay, what’s the difference with what Airtel and MTN are doing in Zambia? Just give more details please.

  5. Zampost has failed. The staff treat you like you’re asking for a favor. Go to Zoona, you might even think the girl serving you is in love with you.

  6. @ndanje khakis, you have said something very true. This is where we fail too often, the serving staff have poor customer relations in so many of our retail outlets. What they should realise is rhat customer pays their wages.

    • But they are faster, cheaper and more efficient than Zampost. No paper work like Zampost where you’re required to fill in different form as if you’re at the police station.

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