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Payment solutions and mobile money ecosystems now sit at the heart of modern financial services. As financial services transition from legacy structures to contemporary digital platforms, finance professionals acknowledge that success depends on an innovative and cashless economy.
Industry players are focused on building scalable, secure, and customer-centric digital solutions that respond to evolving consumer expectations, accelerating the adoption of digital finance.
Khondwani Mweene is one such accomplished financial service leader with a strong command in banking and digital finance. As CEO at Yafika Mobile Money, her vision is to increase access to financial services, make improvement in efficiencies, and achieve sustainable growth.
She endeavours to lead her organisation from the forefront in the transformation of fintech ecosystems in Zambia.
Khondwani has been part of key transformative initiatives such as Agency banking, mobile banking, developing extensive expertise in payment solutions, mobile money ecosystems, and financial inclusion.
What inspired you to pursue a career in finance?
After completing my studies in Computer Science, I pursued a career in banking. This allowed me to gain actual knowledge regarding the importance of technology as an enabler in banking.
Over time, I grew and found myself involved in core banking functions and then later in the digital financial services sector. One of the major milestones I have achieved is through initiatives related to the deployment of the concept of agency banking in Zambia, given the initiatives that have changed the face of offering financial services beyond the banking hall. I have been able to build my interests in digital finance and its power to offer financial inclusion through this journey.
Identify a gap and deliver an innovate and achievable solution
Tell us about your professional journey and the core areas of specialization that you have developed over the years?
My professional background in the banking industry began at NATSAVE Bank back in 2003 when I joined the institution as a management trainee. I then joined the IT department and saw the importance of technology and its influence on every other aspect of banking business.
At Investrust Bank, I was fortunate to have experience in systems administration. This opened my eyes to the world of core banking technology and the many other banking systems that work with the core banking system to enable digital financial services.
It made me appreciate digital finance solutions even more. I later implemented, maintained and managed the banks international Money transfer platform and assisted in implementing agency banking in Zambia, developing my mobile banking skills.
Introduce us to Yafika Mobile Money and your role as the CEO?
At Yafika, through our Bevurva app and future business products, we offer secured, innovative, and inclusive financial services that enable individuals, groups, as well as businesses, to save, pay, or grow.
As the CEO of Yafika, my goal involves formulating key strategies to provide digital finance services that are accessible, inclusive, and positioned at the edge of innovation within Zambia’s financial technology space.
My role is to enable collaboration among regulators, financial institutions, and partners to increase the adoption of cashless platforms. This improves financial inclusion, leading the way in integrating APIs, real-time monitoring, and digital identity. I am responsible for agility and security as well as driving the profitability of Yafika’s P&L.
What challenges do you encounter while leading Yafika Mobile Money? How do you effectively address said challenges?
Yafika is a startup and getting into the e-money issuance space involved navigating a complex blend of regulatory, operational, financial, and market challenges. These include Stringent licensing requirements, Ongoing compliance, Robust Risk Management & Security Requirements, Operational & Infrastructure Challenges and Marketing adoption barriers.
To overcome these challenges, we have ensured— and continue to prioritise—early engagement with the regulator. Pre-consultations have helped reduce regulatory risk and align expectations from the outset. Compliance has been non-negotiable, particularly given the heavily regulated nature of our operating environment.
We have also invested in building a highly scalable system and adopted a phased approach to rolling out our operations, allowing us to grow sustainably while managing risk. In addition, we have deliberately established strategic partnerships that support our growth and provide ongoing opportunities for learning and improvement.
Looking back at your journey, what key milestones are you most proud of?
Notably, I have been part of teams that were successful in migration of core IT systems at two large institutions. Further, I led the launch and expansion of Investrust Bank’s inaugural International Money Transfer partnership, which in turn proved beneficial in strengthening regional and global connectivity.
It was under my leadership that Investrust Bank Plc was awarded as highest transacters and best performing agent in international Money transfers. Being part of the team that was first movers in Zambia for Agency banking was also pivotal in my journey. Additionally, Yafika was transformed from a bold vision into a market-ready reality under my leadership.
How are emerging technologies reshaping the future of banking and finance in Zambia?
Mobile wallets and e-money platforms are gaining ground faster replacing the age-old branch-based banking models. Digital banks and wallet-enabled ecosystems are emerging as the banks of choice for young people, small businesses, and informal retail traders. Consequently, banks are transforming their service delivery to operate on mobile phone platforms that support growth and sustainability.
As technological innovations for the digital age progress, Zambia can easily take advantage of the adoption of biometric payment systems and artificial intelligence to offer fast, secure, and consumer-oriented mobile payment services with added convenience.
Khondwani Mweene, CEO, Yafika Mobile Money
Seasoned leaders driving mobile banking, digital finance, & financial inclusion through innovation. Khondwani Mweene, CEO of Yafika Mobile Money, is a financial expert with banking and digital financial experience of over 18 years. In fact, she has been at the forefront in ushering in Agency Banking and mobile banking concepts. This gives her vast knowledge of various payment methods, mobile money services, and financial inclusion.
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