Zoona, a South African-born Fin-Tech start up is poised to become one of the go-to methods for money transfers for the unbanked across Africa, including Nigeria. It will also offer girls fresh out of high school the opportunity to start their own lucrative business in their own communities.
Already well established in southern Africa, recently, Zoona raised an additional two hundred million rand in funding to grow business in the rest of Africa. New markets will likely extend to the DRC and West Africa, including Nigeria, according to the executive team.
The newly raised capital includes an investment by Patrick Pichette, Former Chief Financial Officer at Google and long-time Zoona advisor.
The Series B investment round was led by the International Finance Corporation (IFC). Furthermore, the IFC is part of the World Bank Group.
Zoona is aiming to reach 10 African markets by 2020. Essentially, they hope to reach 30 million active consumers by then.
To learn more, watch the below videos about Zoona’s success story in Zambia, which also inspired its name.
Chief Executive Officer of Mike Quinn explains “The Girl Effect”
“As the world economies transit from cash-based to cashless, an entire infrastructure is needed to make that transition possible and ensure equal availability of both currencies,” says Andi Dervishi. He is the Head of IFC’s FinTech Investments.
He explains that these type of cash transfer and collection networks ensure a retail footprint. This is important in the adoption of a new form of mobile money across Africa.
The executive team announced the funding at a media briefing in Cape Town on Wednesday. They also said that they plan to extend to other financial products such as savings and insurance.
However, “they will not be prescriptive but rather led by the demand and needs of the African consumers,” says Lelemba Phiri chief marketing officer.
Therefore, Zoona are likely to look at bundled-type products that best meet their unique needs. (e.g funeral, car and home insurance in one product or once-off fee savings products).
For more info on getting your own Zoona franchise or how to use the service, visit:
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