Sylvia Duruson
The Bank of Zambia has licensed DigMo, a new financial services company offering gamified wealth-building tools targeting low and middle-income earners. The platform introduces innovative savings products with incentives designed for previously underserved customers.
James Chona, former Chief Commercial Officer at Zamtel, joins DigMo as Chairman. His extensive experience includes leadership roles at Opay and Airtel Money. Chona will guide the company’s expansion and partnership development in Zambia.
Traditional financial planning services typically cater to wealthy and upper-middle-class customers through expensive products requiring long-term commitments. While digital lending and payment services have improved, access to comprehensive financial planning remains limited for many Africans.
DigMo’s flagship product “Save to Win” offers a free digital wallet allowing users to participate in financial planning games. The platform enables savings starting from 10 ZMW (USD 0.37), with potential prizes reaching 500,000 ZMW (USD 18,400). Prize pools increase with user participation.
The company partners with pawaPass for compliance technology, ensuring secure, cost-effective account creation. This collaboration reduces operational costs while maintaining high security standards through facial biometrics and advanced fraud detection.
CEO Sylvia Brune emphasizes DigMo’s game studio approach to product development. The company focuses on creating and testing multiple products to identify those with maximum impact. This strategy stems from direct user engagement and observation of local financial behaviors.
The platform’s concept draws inspiration from Britain’s Premium Bonds, introduced in 1956 by Harold Macmillan. This model successfully encouraged savings by offering prizes instead of traditional interest, proving particularly effective for mass-market adoption.
DigMo’s launch aligns with Zambia’s National Financial Inclusion Strategy II (2024-2028), which aims to achieve 85% financial inclusion. The platform addresses common challenges like inflation, high fees, and complex financial products that often discourage long-term savings.
Current informal planning methods in Africa often involve non-financial assets like livestock. DigMo aims to transition users toward more efficient formal financial planning through engaging, accessible products. The platform promotes economic empowerment by enabling users to build financial resilience and pursue entrepreneurial goals.
The company’s expansion plans extend beyond Zambia, targeting broader African markets. Through collaboration with regulators and partners, DigMo maintains strict security and compliance standards while working to bridge the financial inclusion gap across the continent.
