Zambia: Zoona follows in Google footprint
By Alfred Tembo in Zambia – Zambia’s leading independent mobile money transfer Zoona has emulated world leading technology companies namely Google and Facebook by launching what has become the country first ever employee share option plan (ESOP).
Through ESOP, Zoona has reserved at least 13.7percent of the company share for its employees. The reserved shares are worth at least $8million with prospects of appreciating in value as the company continues expands into new markets. Zoona launched in 2009 by Zambian born brothers, Brad and Brett Magrath, as a start up.
To this day, Zoona employees 120 employees. The fast growing regional company is present in home country Zambia, Malawi and South Africa.
In a recent announcement, new revelations were that Zoona has unwavering plans to expand into Ghana and Mozambique.
Zoona Group’s Chief Executive Officer (CEO) Mike Quinn says the customer driven development has made them proud. “We are proud, humbled, and excited to make this announcement. “Proud because this is something that as a company we have worked towards for a long time.
“Humbled that we are able to make every employee a partner on our journey and excited for the great things to come with this initiative for the company, ” said Quinn.
On a separate note, the company’s managing director Lelemba Phiri explained that their strategy makes them unique. “Offering share to our employees is one of the things that makes us different and is one of the ways in which we hope to continuously attract top talents and empower our employees,” said Phiri.
However, the corporate further stated that its object is to motivate employees to perform at their best as part owners of the business and this in turn will stir up the share price.
In a separate development the company recently slashed it’s tariff by 60percent, citing compliance with recent call by president Edgar Lungu’s saying every “Zambians should be working together towards nation building.” Phiri says her company will continue moving with the same heart of creating opportunities as the company reports that it has created over 2,500 jobs since inception.
Zoona has 900 active outlets with an average of $800 gross revenue every month. According to the company, this is their winning formula allowing them to mainstream empowerment in communities as a result people are becoming business owners with ability to create jobs for others.
“Since 2009, Zoona have also provided access to close US $1million in low cost credit to Zambia entrepreneurs through our strategic partners,” She says.
