DigMo, a new financial services company that offers fun wealth creation tools to low and middle income earners in Zambia, has been launched.
Licensed by the Bank of Zambia to operate a wallet, the fintech created for underserved users provides access to attractive products with great incentives. As part of the move to expand DigMo’s capabilities and reach, James Chona has been appointed Chairman and will advise on efforts to grow DigMo in Zambia.
Financial planning services in Africa have traditionally been aimed at wealthy and upper-middle class clients. This shows in pricing, messaging and incentives. They are aimed at people who can afford to hold funds for the long term and are happy with slow and steady returns. This neglects a large and growing segment of low- and middle-income earners. In recent years, these customers have been better served by formal financial services, with improved access and innovative products for digital lending and payment services. But product innovation and inclusive access to financial planning services, such as saving, investing, hedging, etc., still have a long way to go.
DigMo directly fills this gap by offering a secure, free digital money account with a special account that allows users to play a “financial planning game.” It’s simple and inspires customers to start saving money for the future. DigMo hopes that by giving customers the chance to win big rewards, they will form lasting habits. Currently, informal planning – the acquisition of non-financial assets such as livestock and highly liquid commodities – occupies an important place in the lives of many Africans. Getting the mass market to plan using more formal and efficient methods requires additional effort and more innovation in this area.
First launched in Zambia, DigMo Wallet’s ‘Save to Win’ offers a simple and free way to save regularly, with potential rewards. Savings drive investment, which fuels economic growth, and DigMo’s accessible approach to financial services promotes economic empowerment and entrepreneurship. Users can build resilience towards financial goals, economic stability, or even starting a business. Save to Win allows users to save small amounts – starting from as little as 10 ZMW (approximately 0.37 USD) – for a chance to win prizes of up to 500,000 ZMW (approximately 18,400 USD), the prize pools increasing as participation increases.
Through a partnership with Africa-focused compliance technology provider PawaPass, DigMo ensures secure, low-cost account setup, reducing risk and enabling affordable products to be offered to this market segment. This collaboration helps keep users safe and reduces delivery costs, positioning DigMo for future scalability.
Speaking at the launch of DigMo, Sylvia Brune, CEO of DigMo Group, said: “We are committed to innovation in financial planning for low and middle income earners across the Africa. To achieve this meaningful impact, we approach this like a games studio – where we constantly create and test lots of new products until we find the ones that have outsized impact. If we simply take existing products and make them more affordable or accessible, it is unlikely that we will be able to radically change behavior. To succeed, we engaged directly with users, observing and learning from them to develop DigMo, a solution that will significantly improve their financial well-being and meet their unique needs.
Having worked in the telecommunications, fintech and technology sectors for over 25 years, James Chona joins DigMo from Zamtel, where he served as Chief Commercial Officer. His career before Zamtel includes positions as CEO of Opay and Director of Airtel Money in Zambia. As Chairman, James will work closely with the DigMo team and advise on DigMo in Zambia, expanding partnerships and scaling operations to close the financial inclusion gap through Easily accessible digital products that directly target underserved people to participate in the broader formal economy.
Commenting on his new role as Chairman, James Chona said: “Joining DigMo comes at a crucial time to advance financial inclusion in Zambia. Low- and middle-income people in Africa face many challenges, from inflation and high payment fees to restrictive financial products with lock-in periods and complex conditions that often discourage long-term saving . DigMo is rethinking financial planning by disrupting traditional financial planning methods and focusing on the true motivations and behaviors of African consumers. It is a great honor for me to join and advance DigMo’s mission as we bring accessible and innovative financial products to those who need them most in Zambia and across the continent.
DigMo is positioned for broader expansion across Africa, creating financial pathways for those previously excluded from the formal economy. The launch of DigMo closely aligns with the Government of Zambia’s recent goal of accelerating financial inclusion to 85%, as outlined in the National Financial Inclusion Strategy II (2024-2028). To support this mission, the team works closely with regulators and partners to ensure DigMo meets high standards of security and compliance. This effort is further enhanced by PawaPass’ advanced KYC and security measures, including facial biometrics and low-touch data points, which strengthen data security and fraud detection and significantly improve user protection measures. in the Zambian market.
Save to Win builds on a proven concept first introduced in England in 1956, now known as Premium Bonds. Initially championed by Harold Macmillan, then Chancellor of the Exchequer, who later became Prime Minister, the model encouraged saving by attracting those attracted by the excitement of potential rewards over traditional interests. Brune concludes: “When Mr. Macmillan launched the winning account, it initially faced opposition from his peers, but he succeeded in encouraging millions of people to develop healthy financial planning habits . We are bringing this innovative approach to Africa with Save to Win and our upcoming products, inspiring a new generation to build their financial resilience and achieve their dreams.