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• Starting in Zambia, launch of DigMo units the stage for transformative monetary inclusion and wealth creation in Africa

• Designed for low and middle-income earners, Digmo gives safe, easy, and enjoyable monetary planning

• James Chona appointed as Chairman and Advisor, to move up market launch and drive influence in Zambia forward of continent-wide growth

Lusaka, Zambia. 12th November 2024. – DigMo, a brand new monetary service firm that brings gamified wealth-building instruments to low and middle-income earners in Zambia has been launched. Licensed by the Bank of Zambia to function a pockets, the fintech created for underserved customers offers entry to participating merchandise with nice incentives. As a part of the transfer to broaden DigMo’s capabilities and attain, James Chona has been appointed Chairman and can advise on efforts to develop DigMo in Zambia.

Financial planning companies in Africa are historically designed for rich and upper-middle-class prospects. This might be seen within the pricing, messaging, and incentives. They are geared in direction of individuals who can afford to lock funds away for the long run and are pleased with sluggish regular returns. This overlooks a big and rising phase of low and middle-income earners. In current years, these prospects have been higher served by formal monetary companies, with improved entry and progressive merchandise for digital lending and cost companies. But product innovation and inclusive entry to monetary planning companies, like financial savings, investments, hedging, and extra, nonetheless have an extended strategy to go.

DigMo straight addresses this hole, providing a safe, free digital cash account with a particular account for customers to play a “financial planning game”. It is easy and incentivises prospects to get began placing cash away for the longer term. DigMo is hoping that by giving prospects the possibility to win huge rewards, they are going to achieve sustainable habits. At the second, casual planning – the buying of non-financial belongings like livestock and extremely liquid merchandise – is a giant a part of many Africans’ lives. To appeal to the mass market to plan utilizing extra formal and environment friendly strategies, there must be an additional push and extra innovation on this subject.

With an preliminary rollout in Zambia, DigMo pockets’s first providing, Save to Win, makes placing cash away recurrently, straightforward and rewarding with no fastened prices or charges. Savings is very correlated with funding and funding with financial development. Innovating this space of economic companies for the mass market can promote broader financial empowerment and entrepreneurship. Ultimately, customers will construct monetary resilience, serving to them attain their monetary objectives, stand up to financial downturns, and even begin a enterprise. Save to Win permits customers to start out with small quantities – from simply 10 ZMW (roughly USD 0.37) – for the possibility to win prizes of as much as 500,000 ZMW (roughly USD 18,400), with prize swimming pools rising over time as extra prospects take part. By specializing in applied sciences enabling cost-efficient and safe account opening via partnering with an Africa-focused compliance tech supplier like pawaPass, DigMo retains customers safe, lowers its dangers and reduces the prices to ship becoming merchandise for this group whereas positioning for scale.

Speaking on the launch of DigMo, Sylvia Brune, CEO of DigMo Group, 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. If we just take existing products and make them more affordable or accessible, it is unlikely that we can dramatically change behaviours. 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.”

Having labored throughout telecoms, fintech, and know-how for over 25 years, James Chona joins DigMo from Zamtel, the place he served as Chief Commercial Officer. His profession previous to Zamtel contains roles as CEO of Opay and Director at Airtel Money in Zambia. As Chairman, James will probably be working intently with the DigMo crew, and advising on DigMo in Zambia, increasing partnerships, and scaling operations to bridge the monetary inclusion hole via simply accessible digital merchandise that straight goal the underserved to take part within the broader formal economic system.

Commenting on his new position as Chairman, James Chona stated, “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. DigMo is rethinking financial planning by disrupting traditional financial planning methods and focusing on African consumers’ real motivations and behaviours. It is a great honour for me to join and advance DigMo’s mission as we bring accessible and innovative financial products to those who need them most in Zambia and across the continent.”

DigMo is positioned for broader growth throughout Africa, creating monetary pathways for these beforehand excluded from the formal economic system. The launch of DigMo aligns intently with the federal government of Zambia’s current goal to speed up monetary inclusion to 85%, as outlined within the  National Financial Inclusion Strategy II (2024 – 2028). To assist this mission, the crew is working intently with regulators and companions to make sure DigMo meets excessive safety and compliance requirements. This effort is additional strengthened by pawaPass’ superior KYC and safety measures, together with facial biometrics and low-touch knowledge factors, which enhance knowledge safety and fraud detection and considerably enhance person safety measures within the Zambian market.

Save to Win builds on a confirmed idea first launched in England in 1956, now generally known as Premium Bonds. Originally championed by then-Chancellor of the Exchequer, who later grew to become Prime Minister, Harold Macmillan, the mannequin inspired saving by interesting to these drawn to the joy of potential rewards over conventional curiosity. Brune concludes: “When Mr. Macmillan introduced the prize account, it initially faced opposition from his peers but successfully encouraged millions to develop healthy financial planning habits. We are bringing this innovative approach to Africa with Save to Win, and our next products, inspiring a new generation to build financial resilience and achieve their dreams.”