MEDA Blog - Stories from the Field

Ready, Fire, Aim

b2ap3_thumbnail_Co-Founder-Brad-Magrath-holding-the-company-on-his-shoulders.pngThe title of this blog is often used by entrepreneurs who are constantly striving to challenge the status quo and welcome change and risk within their business. They view change and risk not as a threat, but rather an opportunity to innovate and grow under-served markets. In the competitive and hyper-evolving mobile money market I like to operate by the quote, “It’s better to have a good plan today, than a perfect plan tomorrow.” 

This is what MEDA techno-links partner Zoona personifies. Leading the mobile money financial transaction movement in Zambia requires taking calculated risks in the quest of pushing the ordinary in the name of development. We at Zoona constantly ask ourselves if we are being REAL… Real to our customers, real to our employees, real to our stakeholders, and real in what we strive to accomplish. If the answer is yes, we move forward. 

As we work to gain traction in growing the mobile wallet product in Zambia, challenges and breakthroughs constantly arise. The key to executing in this type of environment is staying focused and true to your customer. My role in this is to provide our Agent networkb2ap3_thumbnail_Meeting-with-a-Zoona-Agent-to-discuss-how-things-are-going.png with the training tools they need to successfully convert their customers over to mobile wallets. 

Generally speaking mobile wallets are a cheaper, more convenient, and easily accessible service than traditional over-the-counter money transfers. One way I like to break down the mobile wallet is by saying it provides ACCESS.  It is a mechanism through which financial inclusion can be delivered on a mass (and cost effective) scale. 

One example includes Kiva Zip starting a pilot program where entrepreneurs and small business owners in Kenya can get cash funds sent directly to their M-Pesa account to help grow their businesses. There are myriad examples of how M-Pesa has provided improved access for individuals traditionally cut off from savings, insurance, bill payments, and person-to-person (P2P) sending  and receiving of money. This is the scale we are aiming for at Zoona. One step in achieving this goal is the recent partnership Zoona signed with international telecom company Airtel. You can read more about the partnership here. 

Zoona stands alone in one very important way. Our b2ap3_thumbnail_Zoona-men-stand-out-in-any-crowd.pngAgent network has significant working capital to service customers compared to our competitors. Basically, this means when a customer comes to a Zoona shop they can feel confident their financial request will be served, whether they are sending $10 or $500. 

We provide our Agents with the opportunity to access working capital finance (WCF) through a partnership we have with Kiva. This enables our Agent network to have sufficient working capital, service more customers in need of financial services, grow their businesses, and earn more profits. We are confident in the model we have and its potential to scale far beyond Zambia.  We at Zoona know one key to success depends on having a well financed network of Agents to serve the customer’s financial needs.  

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