Izwe Savings and Loans Limited, a non-bank financial institution in Zambia, is preparing to launch a digital float product for mobile money agents across the country. The product, which is in its final development phase, is designed to provide agents with a digital credit facility to manage liquidity, allowing them to continue customer transactions without interruption.
According to the company's head of digital financial services, Nchimunya Muvwende, the product will be accessible through a USSD code and a mobile application. "Our aim is to ensure that agents have access to float in real-time, thereby reducing downtime and improving service delivery," Muvwende said. He explained that the facility would be integrated with Izwe's core banking system, enabling automated credit assessments and disbursements.
The launch comes at a time when Zambia's financial inclusion landscape has been fundamentally reshaped by mobile money. A FinScope survey conducted in 2025 found that the country's overall financial inclusion rate reached 80.1%, a significant increase from 69.4% in 2020. The survey attributed this growth primarily to the expansion of mobile money, which is now used by 60% of Zambian adults. This penetration has created a dense network of agents who are critical for cash-in and cash-out services in both urban and rural areas.
Izwe's move targets a known pain point within this ecosystem. Mobile money agents often face liquidity shortages, especially in remote locations or during peak transaction periods. A lack of readily available float can force an agent to suspend operations, directly impacting customers who rely on these points for basic financial services. By offering a digital line of credit, Izwe aims to keep these agents operational, supporting the broader digital payments infrastructure.
The company's strategy reflects a growing trend across Africa where formal financial institutions are creating products specifically for the digital finance ecosystem. In Burundi, for instance, a new platform called BurundiPay was recently launched to interconnect banks, microfinance institutions, and mobile money networks, facilitating seamless transactions between different financial service providers. While Izwe's product is focused on agent liquidity rather than interoperability, it operates on a similar principle of using technology to bridge gaps in the financial system.
Izwe Savings and Loans, which is part of the larger Izwe Africa Group present in several countries including Ghana and Kenya, plans a phased rollout of the digital float product. The initial phase will involve a pilot with selected agents before a full national launch. The company has not disclosed specific interest rates for the credit facility but indicated that terms would be competitive and tailored to agents' transaction volumes and history.
Analysts observe that the success of such products depends on ease of access, cost, and the speed of disbursement. If effective, they could enhance the resilience of agent networks, which are the physical backbone of mobile money systems. As Zambia continues to build on its high financial inclusion rate, the efficiency and reliability of these agent networks will be crucial for deepening usage and introducing more advanced digital financial products to the population.