In May this year, the Zambia-based fintech startup Mangwee launched a new payment platform in the country. The service, also called Mangwee, allows Zambians to make and receive payments domestically, but the startup is also eyeing to facilitate international remittances. Though it currently supports mobile money services, online payment gateways, and bill payments.
According to Bwalya Kampamba, the CTO and co-founder of Mangwee, Zambia as a country has at least 40% of the population excluded by the formal financial sectors.
“Mangwee was developed for the unbanked to provide them with a quality payment system that is secure and affordable,” said Mangwee.
For the record, Zambia already had a number of fintech-based payment solutions such as Zoona, MTN Money, and Airtel Money. However, Kampamba believes that they can better serve the Zambian market more than the already existing fintech solutions.
“Today, mobile money transfer services are growing at a faster rate, but not in a way we believe to be the most convenient for users in the long term. Most money transfer services are difficult to use and expensive.”
Mangwee seems to prioritize peer-to-peer money transfer, and hopes …read more