Digital Wallet Digmo Targets Financial Inclusion In Zambia

The Bank of Zambia has licensed DigMo, a new financial services company offering gamified wealth-building tools targeting low and middle-income earners. The platform introduces innovative savings products with incentives designed for previously underserved customers.

James Chona, former Chief Commercial Officer at Zamtel, joins DigMo as Chairman. His extensive experience includes leadership roles at Opay and Airtel Money. Chona will guide the companys expansion and partnership development in Zambia.

Traditional financial planning services typically cater to wealthy and upper-middle-class customers through expensive products requiring long-term commitments. While digital lending and payment services have improved, access to comprehensive financial planning remains limited for many Africans.

DigMos flagship product Save to Win offers a free digital wallet allowing users to participate in financial planning games. The platform enables savings starting from 10 ZMW USD 0.37, with potential prizes reaching 500,000 ZMW USD 18,400. Prize pools increase with user participation.

The company partners with pawaPass for compliance technology, ensuring secure, cost-effective account creation. This collaboration reduces operational costs while maintaining high security standards through facial biometrics and advanced fraud detection.