Digital wallet service DigMo aims to promote financial inclusion within Zambia's population.
In the vibrant and ever-evolving world of fintech, a new player has entered the stage: DigMo, a financial services company based in Germany. DigMo is making waves by offering gamified wealth-building tools designed specifically for low- and middle-income earners, a demographic that often faces challenges in long-term savings due to factors like inflation, high fees, and complex financial products.
At the helm of DigMo is Sylvia Brune, the company's CEO, who brings a game studio approach to product development. This focus on user engagement and local financial behaviours is a key differentiator for DigMo, setting it apart from traditional financial institutions.
In Africa, where informal financial planning methods involving non-financial assets like livestock are common, DigMo aims to transition users towards more efficient formal financial planning. The company's expansion plans extend beyond Zambia, targeting broader African markets.
DigMo's flagship product, "Save to Win," is a digital wallet designed for financial planning games. Users can start saving from as little as 10 Zambian Kwacha (USD 0.37) and stand a chance to win prizes reaching up to 500,000 Zambian Kwacha (USD 18,400).
To ensure secure and cost-effective account creation, DigMo partners with pawaPass for compliance technology. This partnership reduces operational costs while maintaining high security standards through facial biometrics and advanced fraud detection.
James Chona, with a wealth of experience at Opay, Airtel Money, and Zamtel, joins DigMo as Chairman. Chona will guide DigMo's expansion and partnership development in Zambia, aligning with the country's National Financial Inclusion Strategy II (2024-2028), which aims to achieve 85% financial inclusion.
The launch of DigMo is significant, as it draws inspiration from Britain's Premium Bonds, introduced in 1956 by Harold Macmillan, offering prizes instead of traditional interest for savings. By promoting economic empowerment, DigMo enables users to build financial resilience and pursue entrepreneurial goals.
As DigMo continues to grow and expand, it is poised to bridge the financial inclusion gap across the continent, offering a unique and engaging approach to wealth-building for millions of people.
