Zambia-based digital lender eShandi has marked a significant milestone by surpassing one million customers while announcing its expansion into Kenya, South Africa, and Zimbabwe. This move signifies the company’s ambition to bridge financial gaps in underserved communities and small and medium-sized enterprises (SMEs) across Africa.
The fintech sector is playing a critical role in addressing financial exclusion on the continent, where millions remain unbanked. With its rebranding from PremierCredit to eShandi earlier this year, the company is embracing a broader mission to provide cutting-edge, technology-driven financial solutions tailored to African markets.
Since its inception in Zambia in 2019, eShandi has focused on addressing barriers faced by unbanked populations and SMEs. By utilizing artificial intelligence and mobile technology, the company has eliminated traditional obstacles such as credit history requirements and extensive paperwork. Its product offerings, which include instant digital loans, mobile banking, insurance, and payment solutions, are designed to meet the unique needs of each market.
Co-founder and Chief Visionary Officer Chilufya Mutale-Mwila highlighted the transformative potential of this technology. “We see this expansion as an opportunity to prove ourselves in dynamic markets like Kenya, where fintech innovation is at its peak. Our mission is to empower underserved communities with tools for financial independence while fostering financial literacy,” she said in an interview.
eShandi embeds financial education directly into its platform, ensuring users make informed decisions about managing credit and other financial resources. “Access to credit is just one part of the equation,” Mutale-Mwila explained. “True empowerment comes from understanding how to use it responsibly to create lasting value.”
The company’s choice to expand into Kenya, South Africa, and Zimbabwe is both ambitious and strategic. Kenya, with its globally recognized mobile money ecosystem led by M-Pesa, is a competitive and innovative market. South Africa offers a more traditional yet evolving banking landscape, while Zimbabwe’s financial challenges present both risks and opportunities for a digital-first approach.
Mutale-Mwila views these diverse conditions as opportunities rather than hurdles. “Our ability to adapt to different markets will be key to our success. Each country presents a unique set of challenges, but also an immense potential for growth,” she noted.
eShandi’s rapid growth has been fueled by strong financial performance. The company reported a revenue surge from $100,000 in 2020 to $12.2 million in 2023. This growth has allowed it to serve over a million customers, including SMEs that have historically struggled to access credit.
The company’s focus on SMEs aligns with broader economic goals across the continent. By supporting small businesses, eShandi hopes to contribute to job creation and economic resilience in its operating regions.
The rebranding to eShandi reflects the company’s ambition to become a key player in Africa’s fintech space. “We want eShandi to stand for empowerment, not just transactions,” Mutale-Mwila emphasized. “This is about building a brand that resonates with the everyday needs of Africans, helping them take control of their financial futures.”
The company is also investing in building deeper relationships with its customers by incorporating financial education into its digital platform. This approach aims to enhance financial literacy, a crucial factor for achieving long-term financial inclusion across the continent.
While the opportunities are vast, eShandi faces considerable challenges. The fintech landscape in Kenya, for example, is highly competitive, with established players dominating the mobile money sector. In South Africa, regulatory frameworks and consumer trust remain key hurdles. Zimbabwe’s economic volatility adds another layer of complexity.
However, eShandi is optimistic about navigating these challenges. The company’s ability to localize its offerings, maintain financial stability, and build trust among users will determine its success in these new markets.
eShandi’s journey reflects the broader transformation underway in Africa’s financial sector. Technology is redefining access to banking and financial services, enabling millions to participate in the formal economy. As fintech adoption accelerates across the continent, companies like eShandi are poised to play a pivotal role in shaping the future of financial inclusion.
With its innovative approach and commitment to empowering communities, eShandi is not just expanding its footprint — it is shaping a new narrative for African fintech. Its next steps will be closely watched as it continues its mission to bridge financial gaps and drive economic growth across the continent.