Zoona, a Zambian-based payments service provider seems to be having a big feast after securing funds from IFC ( International Funding Corporation ) a part member of the World Bank Group and the Mastercard Foundation.
Zoona was also earlier listed in the KMPG fintech list of the 2016 startups.
The new mobile wallet solution will be co-developed with the communities it’ll serve – this is the approach Zoona normally takes. IFC will help out by way of advisory services for three years.
“Mobile money solutions have been rolled out across the continent in recent years with remarkable impact on financial inclusion,” said Riadh Naouar, head of IFC Financial Institutions Group Advisory Services in sub-Saharan Africa.
He added, “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.”
The investment is part of the Partnership for Financial Inclusion, a $37.4 million joint initiative of IFC and The MasterCard Foundation to expand microfinance and advance digital financial services in sub-Saharan Africa.
