Zambian fintech startup eShandi has rapidly evolved from its origins as a microfinance institution into a pan-African challenger bank, redefining financial inclusion across the continent. Founded in 2019 under the name PremierCredit, the company has embraced artificial intelligence to assess creditworthiness for underbanked individuals and small and medium-sized enterprises (SMEs), bypassing the traditional documentation hurdles that have long excluded millions from formal banking systems.
At the heart of eShandi’s mission is a commitment to building an inclusive financial ecosystem that serves all Africans, particularly women and SMEs who have historically been marginalized. Co-founder and Chief Visionary Officer Chilufya Mutale-Mwila emphasized that conventional banks often struggle to evaluate creditworthiness due to the absence of formal records like pay slips or credit histories. eShandi addresses this gap by leveraging alternative data sources—such as mobile money transaction histories, smartphone usage patterns, and user behavior on its platform—combined with proprietary machine learning algorithms to generate highly accurate risk profiles. This innovative approach has already enabled over one million individuals and SMEs in sub-Saharan Africa to access financial services.
Driven by a deep sense of purpose, eShandi integrates financial education into its platform to empower users with the knowledge they need to manage their finances effectively. This fusion of cutting-edge technology and financial literacy promotes sustainable growth and long-term economic resilience. The company’s mobile-first platform, including USSD compatibility, ensures accessibility even in rural areas with limited smartphone penetration and inconsistent internet connectivity, further expanding its reach to underserved communities.
Mutale-Mwila views fintech as a transformative force in Africa, where the sector is growing faster than anywhere else in the world. However, she acknowledges the challenges posed by regulatory fragmentation across countries. Since its inception in Zambia, eShandi has expanded into Kenya, Zimbabwe, and South Africa, each with distinct financial and data protection laws. To navigate these complexities, the company has developed flexible data storage and user consent mechanisms tailored to meet the rigorous standards of each jurisdiction.
A key focus of eShandi’s strategy is empowering women entrepreneurs, who make up nearly half of Africa’s non-agricultural labor force yet face significant barriers to accessing credit and financial tools. By using alternative credit scoring, eShandi offers microloans and working capital without requiring collateral or formal documentation, giving women and SMEs the resources they need to thrive. Its suite of flexible, mobile-accessible financial products lowers entry barriers and enables broader participation in the digital economy.
What sets eShandi apart is not just its technological prowess but its holistic approach to financial empowerment. Its AI-driven platform allows for rapid and precise loan assessments, eliminating the need for cumbersome paperwork. More importantly, the company embeds financial education directly into its services, ensuring that users understand their options and make informed decisions. This dual focus on innovation and literacy positions eShandi as a leader in Africa’s fintech revolution, offering not just financial services but the tools for lasting economic transformation.