In May this year, the Zambia-based fintech startup Mangwee launched a new payment platform in the country. The service, also called Mangwee, allows Zambians to make and receive payments domestically, but the startup is also eyeing to facilitate international remittances. Though it currently supports mobile money services, online payment gateways, and bill payments.
According to Bwalya Kampamba, the CTO and co-founder of Mangwee, Zambia as a country has at least 40% of the population excluded by the formal financial sectors.
“Mangwee was developed for the unbanked to provide them with a quality payment system that is secure and affordable,” said Mangwee.
For the record, Zambia already had a number of fintech-based payment solutions such as Zoona, MTN Money, and Airtel Money. However, Kampamba believes that they can better serve the Zambian market more than the already existing fintech solutions.
“Today, mobile money transfer services are growing at a faster rate, but not in a way we believe to be the most convenient for users in the long term. Most money transfer services are difficult to use and expensive.”
Mangwee seems to prioritize peer-to-peer money transfer, and hopes the efficiency of the service will make more Zambians see the value in it, leading to widespread adoption. The startup self-funded themselves into launching into the Zambian market, but they are seeking outside investment to scale up their operations, which include growing the number of agents in its network.
“We are very happy with the response received so far from the general public. In less than three months, we have registered over 1,500 users on the platform, recruited 36 agents who are operating countrywide, and our social media following has attracted over 2,000 users in just a few months.
Agents earn a commission for every transaction they successfully process on our platform. We are not generating much revenue at the moment as users are still making enquiries and trying to develop confidence and trust in our service. Most contacts we have had with clients are enquiries about the service and charges.”