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Limiting Financial Services Inspire Zambian Fintech eShandi into East Africa-Interview - Kenyan Wall Street - Business, Markets & Finance Insights
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class="jeg_post_title">Limiting Financial Services Inspire Zambian Fintech eShandi into East Africa-Interview</h1><div class="jeg_meta_container"><div class="jeg_post_meta jeg_post_meta_2"><div class="meta_left"><div class="jeg_meta_author coauthor"> <img alt='Fred Obura' src='https://secure.gravatar.com/avatar/20d0646541b72c7c88a139b125e4b978?s=80&d=mm&r=g' srcset='https://secure.gravatar.com/avatar/20d0646541b72c7c88a139b125e4b978?s=160&d=mm&r=g 2x' class='avatar avatar-80 photo' height='80' width='80' decoding='async'/><span class="meta_text ">by</span><a href="https://kenyanwallstreet.com/author/fred-obura/">Fred Obura</a></div><div class="jeg_meta_date"> <a href="https://kenyanwallstreet.com/limiting-financial-services-inspires-eshandi-into-east-african-fintech-market-interview/">December 2, 2024</a></div><div class="jeg_meta_category"> <span><span class="meta_text">in</span> <a href="https://kenyanwallstreet.com/category/kenyan-news/" rel="category tag">Kenyan News</a> </span></div><div class="jeg_meta_reading_time"> <span> Reading Time: 4 mins read </span></div></div><div class="meta_right"></div></div></div></div><div class="row"><div class="jeg_main_content col-md-8"><div class="jeg_inner_content"><div class="jeg_featured featured_image "><a href="https://kenyanwallstreet.com/wp-content/uploads/2024/11/Mwila.png"><div class="thumbnail-container" style="padding-bottom:63.559%"><img width="590" height="375" src="https://kenyanwallstreet.com/wp-content/uploads/2024/11/Mwila-590x375.png" class="attachment-jnews-750x375 size-jnews-750x375 wp-post-image" alt="" decoding="async" fetchpriority="high" /></div></a></div><div class="jeg_ad jeg_article jnews_content_top_ads "><div class='ads-wrapper '></div></div><div class="entry-content no-share"><div class="jeg_share_button share-float jeg_sticky_share clearfix share-monocrhome"></div><div class="content-inner "><div class='heateorSssClear'></div><div class='heateor_sss_sharing_container 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href="https://telegram.me/share/url?url=https%3A%2F%2Fkenyanwallstreet.com%2F%3Fp%3D141540&text=Limiting%20Financial%20Services%20Inspire%20Zambian%20Fintech%20eShandi%20into%20East%20Africa-Interview" title="Telegram" rel="nofollow noopener" target="_blank" style="font-size:32px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="heateor_sss_svg heateor_sss_s__default heateor_sss_s_telegram" style="background-color:#3da5f1;width:70px;height:35px;border-radius:10px;display:inline-block;opacity:1;float:left;font-size:32px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="0 0 32 32"><path fill="#fff" d="M25.515 6.896L6.027 14.41c-1.33.534-1.322 1.276-.243 1.606l5 1.56 1.72 5.66c.226.625.115.873.77.873.506 0 .73-.235 1.012-.51l2.43-2.363 5.056 3.734c.93.514 1.602.25 1.834-.863l3.32-15.638c.338-1.363-.52-1.98-1.41-1.577z"></path></svg></span></a></div><div class="heateorSssClear"></div></div><div class='heateorSssClear'></div><br/><p>Leading Zambian Fintech eShandi has announced expansion to Kenyan market as well as South Africa and Zimbabwe-with the aim of bringing financial services to the almost seven million Kenyans who still do not have a bank account, as well as the SMEs which still continue to struggle to access financial services.</p><p>Chilufya Mutale-Mwila, eShandi’s co-founder recently spoke with Kenyan Wallstreet on the opportunities and challenges in this new adventure.</p><div class="jeg_ad jeg_ad_article jnews_content_inline_ads "><div class='ads-wrapper align-center '><div class='ads_code'><SCRIPT language='JavaScript1.1' SRC="https://ad.doubleclick.net/ddm/trackimpj/N1741099.5084810ADVERTISINGOPS/B32246848.400359255;dc_trk_aid=592686366;dc_trk_cid=219727396;ord[timestamp];dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;gdpr=${GDPR};gdpr_consent=${GDPR_CONSENT_755};ltd=;dc_tdv=1?"attributionsrc ></script></div></div></div><p><strong>Question:</strong> eShandi initially operated primarily in the Zambian market but you have now decided to expand to Kenya, South Africa, and Zimbabwe. Could you explain a bit more about why you have decided to expand and why you have expanded into these countries in particular?</p><p><em><strong>Answer:</strong></em> eShandi started in Zambia in 2019 with the mission of bringing credit and other financial services to unbanked and underserved communities across Africa.</p><p>We realized that many SMEs and individuals had limited access to traditional financial institutions, which stifled their growth potential and undermined their financial security. To solve this, we developed a technology-centric platform that is able to provide underserved groups not just loans but also a pathway to financial empowerment and self-reliance. We do this by using technologies such as artificial intelligence, which eliminates the need for physical documents and paperwork, which traditional financial institutions rely on but which exclude millions of communities across Africa.</p><p>We are now expanding into Kenya-as well as South Africa and Zimbabwe-with the aim of bringing financial services to the almost seven million Kenyans who still do not have a bank account, as well as the SMEs which still continue to struggle to access financial services.</p><p><em><strong>Question:</strong></em> Originally being a Southern African company, what steps are you taking to adapt your services to new markets in East Africa?</p><p><em><strong>Answer:</strong></em> While there are many similarities between the Zambian and Kenyan market, we recognize the importance of tailoring our offerings to the specific needs of Kenyan individuals and businesses. This has partly entailed identifying key, strategic areas of growth in the Kenyan economy and tailoring our offerings accordingly. Kenya鈥檚 focus on renewable energy, for example, has led us to focus on providing substantial financing for clean energy projects. Kenya generates around 90% of its electricity from renewable sources, so eShandi is working to support and expand this crucial sector.</p><p>In addition to adapting our product offerings, we鈥檝e worked hard to meet local regulatory requirements to ensure that we can serve Kenyan citizens effectively and safely, just as we鈥檝e done in Zambia and other markets.</p><p><strong><em>Question: </em></strong>Markets such as Kenya have become regional and international hubs for fintech in recent years. How are you seeking to distinguish yourselves from the intense competition?</p><p><br><strong><em>Answer: </em></strong>It is certainly true that Kenya has seen considerable amounts of activity in its fintech market and that it is home to some of the most innovative companies in Africa. We see this more as an opportunity than a challenge: it is an opportunity to prove ourselves against regional leaders and demonstrate just how transformative eShandi鈥檚 services can be to underserved and unbanked communities. We are excited about entering a leading regional and international hub for innovative fintech solutions.</p><p>Beyond technology, we鈥檙e committed to financial literacy. We embed financial education within our platform, ensuring that customers fully understand their options and can make informed financial decisions.</p><p><strong><em>Question:</em></strong> How are you funding this expansion – have you secured funding / will you require further capital support?</p><p><strong><em>Answer:</em></strong> eShandi is financially strong in its own right, having served over one million individuals and SMEs. Our revenue has grown from $100,000 in 2020 to $12.2 million in 2023, which reflects our robust growth and strong performance to date.</p><p>In addition to our internal financial strength, we have secured backing from major international investors and technology partners such as Enygma Ventures, INOKS Capital, and Mastercard. These investors and partners are instrumental in driving our growth and helping us achieve our pan-African expansion. While we are well-capitalized for now, we continue to evaluate additional funding opportunities to support our broader vision.</p><p><a href="https://kenyanwallstreet.com/kenyas-fintech-firms-raise-usd-280m-in-first-half-of-2023/">Kenya鈥檚 Fintech Firms raise USD 280M in First-Half of 2023 – Kenyan Wall Street – Business, Markets & Finance Insights</a></p> <br/><div class='heateorSssClear'></div><div class='heateor_sss_sharing_container heateor_sss_horizontal_sharing' data-heateor-sss-href='https://kenyanwallstreet.com/limiting-financial-services-inspires-eshandi-into-east-african-fintech-market-interview/'><div class='heateor_sss_sharing_title' style="font-weight:bold" ></div><div class="heateor_sss_sharing_ul"><a aria-label="Facebook" class="heateor_sss_facebook" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fkenyanwallstreet.com%2F%3Fp%3D141540" title="Facebook" rel="nofollow noopener" target="_blank" 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