#40Days40FinTechs Zambia and Malawi Edition – Day 10
Access to credit remains a critical challenge for millions of micro, small, and medium-sized enterprises (MSMEs) across Africa. Without collateral, formal records, or traditional bank accounts, many entrepreneurs are locked out of the financial system—unable to secure working capital to grow their businesses.
This is the gap eShandi set out to bridge in 2019. Born in Kitwe, Zambia, with just a team of five, eShandi began as a community-centered initiative, partnering with market leaders to provide references for underserved women traders. What started as a pilot offering small loans has since evolved into a dynamic digital financial platform.
“We created eShandi to serve historically disadvantaged income groups—giving them access not just to credit, but also to payments, investments, and insurance services,” says Chilufya Mutale-Mwila, Co-Founder and Chief Visionary Officer.
“Our mission is to bank the unbanked and close the $330 billion financing gap that MSMEs in Sub-Saharan Africa face.”
With customer needs at its core, eShandi has grown into a one-stop financial ecosystem. Its digital wallet enables users to transact without a traditional bank account—offering cross-border money transfers across the SADC region through partnerships with Mastercard and the TCIB network. Collaborations with mobile money operators further extend eShandi’s reach to last-mile communities.
Since launch, eShandi’s impact has been remarkable—scaling from fewer than 200 customers to over 1.5 million across Zambia, Zimbabwe, South Africa, and Kenya. The company has disbursed more than $10 million in working capital to date, overcoming regulatory hurdles, team-building challenges, and capital constraints along the way.
“eShandi means putting the power in your hands. Our platform brings the bank to you—digitally,” says Mutale. “We are proud of the transformation we’re driving and the lives we’re impacting.”
She also praised the #40Days40FinTechs initiative for amplifying the voices of African innovators: “It’s a game-changer for FinTechs like us—helping us connect, collaborate, and grow.”
Now in its fifth year, 40 Days 40 FinTechs continues to spotlight transformative financial solutions from across Africa. Following its success in East Africa, the initiative expanded into Zambia and Malawi, featuring over 200 FinTechs and reaching millions globally. Backed by the Level One Project, Mojaloop, and other inclusive finance resources, the program supports African FinTechs to innovate and scale.
eShandi is proof that when innovation meets purpose, the result is inclusive growth and financial empowerment for all.
