B R A D
&
B R E T T
M A C G R A T H
S U C C E S S
Zoona is a financial services business founded
by two entrepreneurial brothers – Brad and
Brett Macgrath in 2009. One is an ex-JP
Morgan banker and the other is a former
commercial director of a telecom operator in
Zambia.
The startup provides both in-country and
cross-border money transfer services in
several African countries – Zambia, Malawi
and Mozambique. And so far, it has processed
more than $1 billion in money transfers, bill
payments and other financial services.
In 2016, Zoona raised $15 million of capital
from a group of investors led by the
International Finance Corporation. The funds
are being used to scale up the company’s
operations as it aims to reach ten markets
and 30 million active consumers across Africa
by 2020.
The International Finance Corporation, or IFC,
is an example of an international
development institution. And there are
several more like it that exist to support and
invest in businesses, especially in developing
regions of the world like Africa.
Most international development institutions
are funded or sponsored by foreign
governments or global institutions like the
World Bank, United Nations, European Union
etc.
S T O R I E S