Chilufya Mutale Mwila, the Zambian entrepreneur driving financial inclusion across Africa

Chilufya Mutale Mwila has built her career around a simple conviction : no one should be excluded from financial services. In southern and East Africa, where millions of people remain underbanked, unbanked and women-led businesses and SMEs denied access to banking services, she is working to close that gap through her fintech eShandi. The company which operates in Zambia, Zimbabwe, South Africa, Kenya…has served over 1.5 million people in over a decade. In the recent African Financial Summit (AFIS) held in Casablanca, she was attributed the « African Woman in Finance Award » for her dedication to advance financial inclusion in Africa.

Thanks to her father’s influence, Chilufya Mutale Mwila took her first steps into entrepreneurship at just 19, selling clothes while still a university student. Over a decade later, she has become a successful entrepreneur championing financial inclusion in Southern and East Africa.

Her commitment to underserved people is rooted in her childhood. As a young girl, she witnessed the realities faced by entrepreneurs, through her father’s experience, but also thanks to her first steps into business. « My dad had always been in business. I had seen him running around trying to take care of me and my siblings. I also saw how hard it was for him to get financing and how difficult his business was», she tells Africa Women Experts.

In 2019, she cofounded PremierCredit, which was later rebranded as eShandi, after working for a number of years for Finca Zambia, a microfinance company that supports small businesses and the unbanked and as CEO of ExpressCredit, a technology-based finance company lending money to employees from the private and public sectors. « After working for these two businesses, I came to the conclusion that it was more important to use technology to help those who really needed it rather than those who were already banked. And that’s why we founded eShandi,” she says.

According to the International Financial Corporation IFC, 40 million SMEs in Subsaharan Africa alone face an annual financing gap estimated at 330 billion dollars – representing a substantial loss of potential income for the continent. In addition, more than 90 million people do not have a bank account in Africa, the equivalent of 57% of the population in Africa. These populations face significant administrative hurdles to open a basic bank account. Requirements such as providing a referee who has held an account for at least two years, along with lengthy and complex procedures make formal banking largely inaccessible to them. The lack of collateral such as landed properties further prevents them from accessing credit.

1.5 Million customers empowered across eShandi’s all markets

True to its name eShandi which means « putting power in your hands » in a Zambian language, the fintech company leverages technology and mobile banking to make financial services accessible, more efficient and faster for people excluded from the traditional financial system. « We apply the use of technology to quicken the process. In Africa, people use more of mobile money. So, we collaborate with mobile network operators who are already spread across Africa. In zambia alone, they have access to 12 millions mobile money subscribers. Through our partnerships, we have access to 12 millions customers and are able to serve them instantly », she explains.

The fintech provides a range of financial services : loans, digital wallets, payment services, as well as affordable life insurances. Loans are given depending on each client’s capacity, with a maximum of 60 thousands dollars and a repayment period of 5 years. Leveraging the USSD technology, the company enables people without internet access to get financing within minutes. Smartphone users can also access services through the online app, while touchpoints have been also established to further address the company clients’ demands. « I think that this kind of technology is revolutionary because you don’t force people to wait for two weeks. If someone needs money, he/she should get it here and then. And that’s what we are able to do », she explains. For the Zambian entrepreneur, unlocking instant capital for SMEs is key to driving Africa’s economic growth, because SMEs form the backbone of developing economies.

After launching in Zambia, the company expanded into Zimbabwe, Kenya, South Africa where it serves the same segment. « With our platform, we also help Zambians working in South Africa, especially in the informal sector, to send money home safely, save and invest. They gain financial power. They can also get loans », she adds. To date, eShandi has contributed to the financial inclusion of 1.5 million customers across all its markets.

Honored as « African Woman in Finance Award »

Chilufya’s endeavors to advance underserved categories’ financial inclusion have earned her multiples distinctions over the years. She is a Presidential Precinct Alumna and was named as one of Ernst & Young Entrepreneurial Winning Women in 2022. Most recently, she was honored at the 2025 African Financial Summit (AFIS) with the « African Woman in Finance Award ». « I was extremely humbled. It was such a huge validation and recognition of what we have been spending sleepless nights on and the joy we find in what we do. And when your peers acknowledge your work, it gives you the motivation to keep going. It is a reminder that you are on the right track and it fuels you to continue doing what you love », she says.

As a successful African entrepreneur, Chilufya Mutale now dedicates herself to inspiring and empowering other women entrepreneurs, sharing her experience to encourage and guide them. « On our way, we faced multiple challenges, my husband and I. It was difficult for people to believe in our idea. Quitting our high paying jobs to become entrepreneurs was absurd for them. We did not have so much support. But along the way, we have built a network which has been really supportive. I have learnt from people for free. I give back in the same manner », she explains.

As her business grows, the Zambian entrepreneur ambitions to amplify her impact by moving into venture capital in the coming years, empowering businesses like hers.

Danielle France Engolo