Sylvia Brune, CEO of DigMo Group.

DigMo, a new financial services company in Zambia that provides gamified wealth-building tools to low and middle-income people, has launched.

The fintech established for underserved customers is licensed to operate a wallet by the Bank of Zambia.

DigMo is embedded with pawaPass, a digital identity verification and authentication platform, providing Know Your Customer technology, allowing secure and compliant client onboarding.

The firm aims to address financial gap between wealthy and upper-middle-class customers as well as low and middle-income earners, by offering access and products for digital lending and payment services.

DigMo’s first product is a wallet, Save to Win,which enables users to start saving with small amounts, from $0.37 for the chance to win prizes of up to$18 400 with prize pools growing over time as more customers participate.

As part of the expansion of DigMo's capabilities and reach, James Chona has been appointed chairman and will advise on efforts to build the fintech in Zambia.

Sylvia Brune, CEO of DigMo Group, said at the launch of DigMo: "We are committed to financial planning innovation for low and middle-income earners across Africa.

“To achieve this meaningful impact, we approach this like a game studio - where we constantly create and test many new products until we find those with an outsized impact.

“If we just take existing products and make them more affordable or accessible, it is unlikely that we can dramatically change behaviours. To succeed, we have engaged directly with users, observing and learning from them to develop DigMo, a solution that will dramatically improve their financial well-being and meet their unique needs.”

Commenting on his new role as chairman, Chona said: “Joining DigMo comes at a crucial moment for advancing financial inclusion in Zambia. Africa’s low and middle-income earners face many challenges, from inflation and high payment fees to restrictive financial products with lock-in periods and complex terms that often deter long-term savings."

To this end, he said DigMo is redefining financial planning by challenging traditional methods.