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SA’s fintech firm Zoona helping communities to thrive in Malawi, Zambia

Zoona is on its journey to become a billion dollar business that helps African communities thrive, said its CEO, Mike Quinn.

The South African-based fintech firm was launched in 2009.

The agents of the Cape Town-based firm has processed over $1 billion (R14.4 billion) in money transfers, bill payments, and other financial services in Zambia and Malawi in the past seven years.

The firm is planning to expand into two unnamed African countries.

Zoona’s entrepreneur agents serve more than one million customers every 60 day, across close to 1,500 locations. The company said its iconic green booths have become a staple across the landscapes of Zambia and Malawi.

Zoona Outlet in Zambia
Zoona Outlet in Zambia

“As an African business that came up with an African solution to an African problem, we’re thrilled to reach this milestone. It’s a vindication and vote of confidence from our consumers, who have chosen to trust us when sending and receiving money,” said Lelemba Phiri, Zambia’s regional MD

Zoona, which means “Real” was founded with a simple vision – to help people send and receive money when they need to most so that communities can thrive.

The start-up aimed to empower and support emerging entrepreneurs across Africa, by tapping into their potential and providing them with a fintech platform to process money transfers.

“Today, we have an important milestone on our journey to become a billion dollar business that helps communities thrive,” said Quinn.

“Zoona has crossed a big milestone in the history of our business and for mobile money and financial inclusion in Africa. This latest milestone – $1 billion processed is a highlight on our continued journey of bringing financial inclusion to Africa.”

Since 2009, over 2,500 jobs have been created and Zoona’s agents have earned close to $10 million (R144 million) in commissions.

This is a big moment for Zoona, a company that was born from a conversation in a text message conversation between Brad and Brett Magrath, its Zambian-born founders.

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