How does Zoona Payment System work?
Zoona is the leading low-cost mobile money provider in Zambia. The company’s core product is a mobile-based Zoona account. Transactions are processed through a network of Zoona entrepreneurs, enabling them to process money transfers, pay suppliers, and access working capital financing. These Zoona entrepreneurs provide members of the public the service’s end users with a quick and safe money transfer service, along with third-party cash-in-cash-out (CICO) services. The Zoona back and middle office teams are based in Cape Town South Africa, with operations teams working in Zambia, Mozambique and Malawi. The company is planning to expand into several new markets in the coming years. “(GSMA Mobile for Development, 2014)”
The Zoona starting agents are eligible for resources such as booths, cell phones, and marketing materials. The…show more content… Whilst their brand within Zambia is strong, the step-up to having a recognisable regional brand is a significant one. Building this brand therefore represents an important challenge for them. Zoona also hopes to develop its role as an interoperable agent network, working with and adding value for MNOs. Zoona believes that they’re building the right kind of business, and in raising the brand and profile will continue to spread and develop the impact that it already has in Zambia.
As Peng Ning from Samsung puts it, "Whilst usability is key for payments, security is a necessary condition for people to use them. Balancing usability and security is one of the keys to healthy relationship between Mobile money systems and end users.”. Zoona’s business model has the potential to scale across Africa, transforming economies by fuelling greater economic participation and commercial activity. Zoona has managed to grow in such a competitive environment by doing what no one else does: focusing on the agent