One of the country’s money transfer service providers, Zoona, has reduces its charges by up to 85 percent in what the company’s management has described as a response to their customers’ needs.
The move was announced at the weekend when the company unveiled its new Managing Director Killy Kanjo.
The charges vary in accordance to how much money one is sending on the platform. Currently customers sending between K1 to K500 will be charged K30 per transaction unlike in the past when they were paying K200.
However charges for sending amounts between K10, 000 to K200, 000 have not been changed.
“The complaints were very real, but we are a very socially sensitive organisation and we looked into it, we did our survey and said for the purpose and the vision of who we are, we saw that the under banked masses cannot thrive under such charges” Kanjo said.
When asked about her plans on her new role as the company’s Managing Director, Kanjo said she will maintain the company’s policy of empowering women and girls to become entrepreneurs through the establishment of Zoona kiosks.
Vice President of the Malawi Confederation of Chambers of Commerce and Industry Prince Kapondamgaga, who was guest of honour at Kanjo’s unveiling ceremony, uplauded efforts by the company in bridging the gap between the banked and unbanked masses.
“It’s a very important financial tool, in terms of access to finances especially when you consider that the majority of the people that live in the rural area’s do not have access to formal financial service, so when you have instruments that are coming with players like Zoona Malawi, they come with tools that facilitate access to financial services,” Kapondamgaga said.
Zoona is one of Africa’s start-ups offering emerging entrepreneurs a platform to provide money transfer and other services to unbanked consumers.