DigMo, a new fintech has launched in Zambia bringing gamified wealth-building tools to low and middle-income earners in hopes of giving them a chance to save and win.
DigMo wallet’s first offering, Save to Win, makes putting money away regularly, easy and rewarding with no fixed costs or fees. The platform aims to encourage savings to increase its users ability to invest.
According to Sylvia Brune, CEO of DigMo Group: “We are committed to financial planning innovation for low and middle-income earners across Africa. To achieve this meaningful impact, we approach this like a game studio – where we constantly create and test many new products until we find those with an outsized impact.”
Brune adds that DigMo has engaged directly with users, observing and learning from them to develop DigMo, a solution that will dramatically improve their financial well-being and meet their unique needs.
Licensed by the Bank of Zambia to operate a wallet, the fintech is targeting to provide underserved users with tools to aid in their financial planning as most financial planning services in Africa are traditionally designed for wealthy and upper-middle-class customers and are highly priced. DigMo directly addresses this gap, offering a secure, free digital money account with a special account for users to play a “financial planning game”. It is simple and incentivises customers to get started putting money away for the future.
Save to Win builds on a proven concept first introduced in England in 1956, now known as Premium Bonds. Originally championed by then-Chancellor of the Exchequer, who later became Prime Minister, Harold Macmillan, the model encouraged saving by appealing to those drawn to the excitement of potential rewards over traditional interest.
Save to Win allows users to start with small amounts – from just 10 ZMW (approximately USD 0.37) – for the chance to win prizes of up to 500,000 ZMW (approximately USD 18,400), with prize pools growing over time as more customers participate. By focusing on technologies enabling cost-efficient and secure account opening through partnering with an Africa-focused compliance tech provider like pawaPass, DigMo keeps users secure, lowers its risks and reduces the costs to deliver fitting products for this group while positioning for scale.
The firm has also appointed Zamtel Chief Commercial Officer James Chona as Chairman to grow DigMo in Zambia. Chona has worked across telecoms, fintech, and technology for over 25 years. Prior to Zamtel, Chona has served in roles such as CEO of Opay and Director at Airtel Money in Zambia. As Chairman, James will be working closely with the DigMo team, and advising on DigMo in Zambia, expanding partnerships, and scaling operations to bridge the financial inclusion gap through easily accessible digital products that directly target the underserved to participate in the broader formal economy.