DigMo is a new financial services provider offering low- and middle-class Zambians gamified wealth-building solutions. The fintech company, designed for underprivileged customers and has a licence from the Bank of Zambia to run a wallet, gives them access to exciting goods with attractive rewards.
The company has appointed James Chona as Chairman, who will guide DigMo’s growth in Zambia, as part of the initiative to increase the organisation’s reach.
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A simple, gamified approach to financial planning
DigMo is a free, safe digital money account that allows users to play a “financial planning game” with a unique account. It is easy to use and encourages clients to begin saving for the future. The focus is on offering financial planning services that cater to underserved market segments target and niche marketing sectors.
Wealthier and upper-middle-class clients have traditionally been the target audience for financial planning services in Africa. The pricing, messaging, and incentives of these services have been designed with this demographic in mind. They are designed for individuals who can cope with gradual, consistent returns and can afford to put money away for the long run. DigMo aims to change this dynamic by offering a more inclusive and innovative approach that appeals to a broader audience, including those in lower-income brackets.
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Save to Win: Rewarding financial habits
The platform hopes that by offering customers the opportunity to win significant prizes, they will develop long-lasting saving habits. The acquisition of non-financial assets, including cattle and highly liquid items, is currently a significant aspect of many Africans’ lives and is known as informal planning. There must be an additional push and greater innovation in this area to get the general public to plan using more formal and effective approaches.
One of DigMo’s flagship products, Save To Win , encourages users to save small amounts regularly, starting from as little as 10 ZMW (about USD 0.37). This no-fee, easy-to-use service offers the chance to win rewards up to 500,000 ZMW (around USD 18,400) as an incentive for consistent saving. The platform is designed to make saving both rewarding and fun, creating long-lasting financial habits among users.
DigMo guarantees safe, inexpensive account formation through a relationship with Africa-focused compliance tech company pawaPass, lowering risk and enabling the provision of reasonably priced goods to this market niche. DigMo is positioned for future growth thanks to this partnership, which also reduces delivery costs and keeps consumers safe.