Airtel Money has partnered with the National Savings and Credit Bank (NATSAVE) to introduce the Fikiliza overdraft service. This innovative initiative, the first of its kind in the country, allows Airtel Money users to access short-term credit directly through their mobile wallets.
The service aims to bridge the gap for unbanked and underbanked populations, offering a convenient alternative to traditional banking systems. It targets individuals and small businesses, enabling them to access instant funds for urgent needs.
Zambia’s mobile money sector, which accounted for 56% of all retail payments in 2023, highlights the growing reliance on digital financial services. The collaboration between Airtel Money and NATSAVE leverages this momentum, focusing on increasing financial inclusion through accessible and secure credit solutions.
Speaking at the launch at Intercontinental Hotel, Minister of Commerce, Trade and Industry, Chipoka Mulenga said the government of Zambia is always pleased to support initiatives that are aimed at making lives for communities easier.
“Our emphasis as a Ministry has always been the promotion of public private partnerships because through these, we can prioritize investments and innovations such as this one that we are unveiling today in the bid to create opportunities and a supportive environment to help spur entrepreneurship for the Zambian people,” the Minister said.
The launch of Fikiliza aligns with broader trends in Africa, where telecom operators and financial institutions are joining forces to expand digital financial services. This partnership follows Airtel Money’s recent ventures, including a collaboration with Mastercard to expand digital payment options and a partnership with the Zambia Industrial and Commercial Bank to improve SME connectivity.
NATSAVE Acting Chief Executive Officer Ms Fatma Abad said her bank was excited about the partnership as it embodied its vision of delivering financial inclusion while making banking accessible, reliable, and customer centric.
“Today marks a significant milestone of our partnership with Airtel and Yabx. This is a demonstration of our unwavering commitment to financial innovation, enhancing banking services, and promoting access to all even as we recognise the importance of leveraging technology to bridge the financial inclusion gap,” Ms. Abad said.
Airtel Mobile Commerce Country Director, Mr. Andrew Chuma said he was proud to present the first-ever mass market consumer overdraft service in Zambia, a service that will be available and accessible to over 7 million customers on Airtel money, enabling customers to make essential transactions even when their mobile money wallets fall short.
“We are very excited about this transformative product that marks a historic milestone in Zambia’s financial landscape. For us Fikiliza means helping customers “reach” their financial goals or “complete” transactions even when they have zero or insufficient funds in their mobile wallet. This aligns with the product’s purpose of bridging urgent financial gaps and providing customers with a convenient financial solution when they need it the most,” Mr Chuma said.
By addressing the financial needs of underserved communities, Fikiliza is expected to stimulate economic growth and support small businesses in Zambia. The initiative exemplifies how technology-driven partnerships can reshape Africa’s financial landscape.
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