Airtel Money, in collaboration with Zambia’s National Savings and Credit Bank (Natsave), has launched a sensational overdraft service, Fikiliza, aimed at increasing financial access for Zambia’s unbanked communities. This new service allows Airtel Money users to access quick overdraft facilities directly through their mobile wallets, offering financial support that’s both fast and accessible. The initiative is a major step in the company’s plan to expand digital finance solutions in Zambia, where mobile transactions accounted for 56% of all retail payments in 2023.
Mobile money usage is thriving in Zambia, with Airtel Money emerging as a leader in promoting financial inclusion. The Fikiliza overdraft is set to cater to individuals and small business owners who lack traditional banking options, providing them with an easy and secure way to obtain short-term credit. Airtel’s partnership with Natsave reflects a wider trend across Africa, where telecom companies and banks are increasingly joining forces to deliver digital financial services.
In line with Airtel’s expansion efforts, the company has recently partnered with Mastercard, launching a digital payment option that connects Zambians to Mastercard’s global network. Another partnership with the Zambia Industrial and Commercial Bank (ZIBC) in 2024 aims to enhance internet accessibility for small businesses, helping entrepreneurs access affordable devices and the digital tools they need for growth.
The introduction of the Fikiliza service is expected to positively impact Zambia’s economy by giving small businesses and individuals a valuable financial tool. By addressing the needs of unbanked and underbanked populations, Airtel Money and Natsave are helping to fill a crucial gap in Zambia’s financial landscape, encouraging both financial stability and economic growth.
Looking ahead, Airtel Money plans to launch its initial public offering (IPO) in 2025. The funds raised will enable the company to enhance services like Fikiliza across the continent, further supporting its mission of fostering financial inclusion in Africa. This IPO signals Airtel Money’s commitment to developing mobile financial services and reaching underserved markets throughout Africa.
Meanwhile, Kenya’s biggest biggest telecommunications company recently got an insurance license to offer insurance products through M-Pesa.
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One reply on “Zambia’s Unbanked Gain Access to Instant Credit Through New Airtel Partnership”
[…] more accessible financial solutions. This shift has already proven transformative in countries like Zambia and Kenya, where mobile banking has bridged the gap left by traditional financial […]