DigMo, a newly established financial services company in Zambia, has officially launched with a mission to provide gamified wealth-building tools tailored for low and middle-income individuals. This fintech company, designed to serve underserved customers, has received a license from the Bank of Zambia to operate a digital wallet.
Innovative Financial Solutions
DigMo is integrated with pawaPass, a digital identity verification and authentication platform. This integration ensures secure and compliant client onboarding through advanced Know Your Customer (KYC) technology. The company’s primary goal is to bridge the financial gap between wealthy and upper-middle-class customers and low and middle-income earners by offering accessible digital lending and payment services.
First Product: Save to Win Wallet
The first product launched by DigMo is a wallet called “Save to Win.” This innovative savings tool allows users to start saving with small amounts, starting from as little as $0.37. Participants have the chance to win prizes of up to $18,400, with prize pools increasing over time as more customers join the platform. This gamified approach to savings aims to encourage financial discipline and provide tangible rewards for consistent saving habits.
Leadership and Vision
As part of its strategic expansion, DigMo has appointed James Chona as chairman. Chona will provide guidance and support in building the fintech’s presence and capabilities in Zambia.
At the launch event, Sylvia Brune, CEO of DigMo Group, expressed the company’s commitment to financial planning innovation for low and middle-income earners across Africa. She stated, “We are committed to financial planning innovation for low and middle-income earners across Africa. To achieve this meaningful impact, we approach this like a game studio – where we constantly create and test many new products until we find those with an outsized impact.”
Brune emphasized the importance of developing unique solutions rather than simply making existing products more affordable or accessible. “If we just take existing products and make them more affordable or accessible, it is unlikely that we can dramatically change behaviors. To succeed, we have engaged directly with users, observing and learning from them to develop DigMo, a solution that will dramatically improve their financial well-being and meet their unique needs,” she added.
Advancing Financial Inclusion
James Chona, in his new role as chairman, highlighted the significance of DigMo’s launch in advancing financial inclusion in Zambia. He remarked, “Joining DigMo comes at a crucial moment for advancing financial inclusion in Zambia. Africa’s low and middle-income earners face many challenges, from inflation and high payment fees to restrictive financial products with lock-in periods and complex terms that often deter long-term savings.”
Chona underscored DigMo’s mission to redefine financial planning by challenging traditional methods and providing innovative solutions that cater to the unique needs of low and middle-income earners.
Conclusion
DigMo’s launch marks a significant step towards enhancing financial inclusion and providing innovative financial solutions for underserved populations in Zambia. By leveraging gamified tools and advanced digital technologies, DigMo aims to empower low and middle-income individuals to build wealth and achieve financial stability.
