African fintech startup goes past $1bn in transactions

African fintech startup Zoona this week announced that, since going live in 2009, it has processed more than US$1-billion in transactions.

Playing in the highly competitive mobile payments space, the service operates predominantly in Zambia and Malawi. Using a network of entrepreneur agents, the Zoona allows ubanked consumers access to money transfers, bill payments and other financial services.

According to a press release sent to Ventureburn, the company’s entrepreneur agents serve more than one million customers every 60 day, across close to 1 500 locations.

“Zoona was born from an idea in a text message,” says Zoona CEo Mike Quinn. “Today we have an important milestone on our journey to become a billion dollar business that helps communities thrive.”

“This milestone,” he adds, “is a result of focusing on what really matters: ensuring our customers never bounce at a Zoona Agent. We will continue to work tirelessly to achieve this goal by building the most trusted agent network in the market so that people can send and receive money when they need to most.”

The company, which includes the Omidyar Network and Accion Fronteir Investments among its investors, sees itself as fulfilling an important purpose in emerging markets where financial inclusion rates are low, and there are few ways to safely send and receive money.

While Zoona’s initial focus was on Zambia, it has since expanded into Malawi. According to its release, it has empowered more than 1 000 entrepreneurs to start their own business and paid close to US$10 million in Agent commissions.

“As an African business that came up with and African solution to an African problem – we’re thrilled to reach this milestone,” said Lelemba Phiri, Zoona’s Chief Communication Officer. “It’s a vindication and vote of confidence from our consumers – who have chosen to trust us when sending and receiving money. We are immeasurably grateful for this trust.”

“We are also grateful to our hardworking Agents and Tellers – who make the Zoona experience Real. But most of all, we are thrilled for what this means for financial inclusion and mobile money in Africa!”, she added.