Moonga Chowe is the founder of Chilimba Savings, a company that seeks to provide financial security and peace of mind to traditional credit and savings groups in Zambia. A much needed service in the challenging financial times, facing Zambia.
Groups of people subscribe to the mobile platform where you don’t need to worry about fraud or members leaving the group with all their money. There are over 400 000 groups that have subscribed to this service in Zambia alone.
Chilimba Savings allows people to manage their finances in an efficient and transparent manner; enabling them to migrate to safer digital money and payment histories that are translatable into credit scores and provides easier access to bank loans.
Moonga works with a young team: a programmer (22) a marketer (21) and a brand awareness specialist (23). In a space of just 2 months, Chilimba is already working with 150 groups (a group is made up of 4 – 8 people).
The platform is user friendly and is accessed via web and USSD (a mobile application is also being developed). Members simply dial *543# and follow prompts to gain access to group admin. They are notified when any transaction is made (incoming or outgoing) and Chilimba charges a transaction fee of 2%.
