Natsave and Airtel Money kickstart Fikiliza Overdraft services to boost financial inclusion in Zambia. The Fikiliza service enables Airtel Money users to access instant overdraft facilities directly through their mobile wallets.
The introduction of the Fikiliza overdraft service is expected to have a positive impact on Zambia’s economy by empowering small businesses and individuals with the financial tools necessary for growth and development. By providing accessible credit through a platform that many Zambians already use, this initiative addresses a critical gap in the financial services sector.
This feature is particularly useful for individuals and small business owners who may lack access to traditional banking services. It will be providing them with a convenient and secure means to obtain short-term credit.
The collaboration between Natsave and Airtel Money is part of a broader trend in Africa, where financial institutions and telecom operators are joining forces to enhance financial inclusion. Such partnerships leverage the extensive reach of mobile networks to deliver financial services to unbanked and underbanked populations.
Airtel Money has been instrumental in advancing mobile financial services across Africa. In Zambia, the platform has seen significant growth, contributing to the country’s mobile money sector, which accounted for 56% of all retail payments in 2023.
For instance, in August 2023, Airtel Money Zambia partnered with Mastercard to launch a digital payment option, granting users access to Mastercard’s global network of merchants.
In another effort to boost the local digital economy, Airtel Zambia partnered with the Zambia Industrial and Commercial Bank (ZIBC) in July 2024 to provide SMEs with affordable internet and devices. This initiative is geared toward improving connectivity for small businesses, enabling them to harness digital tools for growth and increased productivity.
Also, Airtel Money’s upcoming initial public offering (IPO), planned for 2025, shows its commitment to expanding its services and influence across Africa. The IPO is expected to support further investments in mobile financial services, enabling Airtel Money to scale offerings like Fikiliza and deepen its impact on financial inclusion across the continent.
Natsave is a Government owned Non-Bank Financial Institution that was establish in 1972 by an Act of Parliament namely the National Savings and Credit Act, Chapter 423 of the Laws of Zambia. The Act gives the Bank the power to administer funds on behalf of any person or agency, accept deposits, operate saving schemes, the making of loans and to carry on any form of banking business.
The institution has thirty eight (38) branches through which it delivers quality financial products at competitive rates. The Bank has further been identified and continues to be a partner with Government through Food Reserve Agency and the Fertiliser Support Programme under the Ministry of Agriculture in the handling of the bulk of the transactions in the Maize and other crops purchasing programmes and fertiliser subsidy
Finally, the launch of the Fikiliza overdraft service by Natsave and Airtel Money marks a significant milestone in Zambia’s financial sector. It exemplifies how strategic partnerships can leverage technology to provide inclusive financial solutions, fostering economic growth and development in underserved communities.
