eShandi Expands to Kenya, South Africa, and Zimbabwe, Bringing Financial Inclusion to Millions

Zambian fintech company eShandi, has announced its expansion into Kenya, South Africa, and Zimbabwe. This strategic move aims to extend financial services to underserved communities and SMEs, particularly addressing the needs of nearly seven million unbanked Kenyans and businesses struggling to access credit.

Chilufya Mutale-Mwila, eShandi’s co-founder, shed light on the company’s vision, challenges, and plans for this ambitious pan-African venture. Speaking about the prospect of competing with the big players already operating in Kenya’s fintech market, she said,

“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’s services can be to underserved and unbanked communities. We are excited about entering a leading regional and international hub for innovative fintech solutions.”

“Beyond technology, we’re committed to financial literacy. We embed financial education within our platform, ensuring that customers fully understand their options and can make informed financial decisions,” Mutale added.

Since its launch in Zambia in 2019, eShandi has focused on providing financial solutions to unbanked communities and underserved SMEs. Mutale-Mwila emphasized the transformative impact of their technology-driven platform, which uses artificial intelligence to eliminate traditional barriers like physical paperwork.

The company’s recent expansion aligns with this mission, targeting millions of unbanked citizens and underserved SMEs. eShandi’s financial strength underpins its expansion plans. The company has grown its revenue from $100,000 in 2020 to $12.2 million in 2023, serving over one million individuals and SMEs.

With a track record of success and a commitment to innovation, eShandi’s expansion marks a significant step in its journey to bridge the financial inclusion gap across Africa. As the fintech landscape continues to evolve, the company is poised to make a lasting impact on underserved communities and economies.