Zoona is designed to address the needs of the most remote and unbanked of citizens in countries like Zambia, Malawi and other African countries.
Basic Information
Zoona is a distribution business that enables the drive of young entrepreneurs and the power of cutting-edge technology to bring safe and reliable financial services to underserved communities all over Africa. Zoona, which is carrier agnostic and doesn't require customers to have a mobile wallet or even a mobile phone, is designed to address the needs of the most remote and unbanked of citizens: 20% of its customers are farmers or live in rural communities. It works by establishing a network of far-flung agents, who process transactions on behalf of consumers for a small fee. The company, which operates as a social enterprise and has received funding from the IFC and Omidyar Network, has a dual mission of supporting entrepreneurship: Its some 2,000 agents are franchisees who are given branded kiosks, business training, and funds to cover their working capital, and are covered for any losses in the first six months.
Legal Name
:
Zoona Zambia
Headquarters
:
Lusaka, Lusaka, Zambia
Founding Date
:
2009
No. of Employees
:
151 to 250
Core Team
:
1.
Brad Magrath
Co-Founder & Director
2.
Brett Magrath
Co-Founder & CCO
3.
Mike Quinn
Co-Founder & CEO
Funding
Total Funding
$20.0M
Investors
:
1.
Patrick Pichette
2.
Flourish Ventures
3.
Omidyar Network
4.
Accion Venture Lab
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