SpendSaver using FinTech to help MSMEs to generate automated financial reports. #40Days40FinTechs Zambia and Malawi edition, Day 33

Micro, Small and Medium Enterprises (MSMEs) are the backbone of Africa’s economy, contributing more than 80% of employment and 50% of GDP.

However, majority of MSMEs in Sub-Saharan Africa lack proper financial records, making it difficult for them to access loans, attract investors, or manage cash flow effectively.

In Malawi, an estimated 70% of small businesses struggle with unstructured financial records, significantly reducing their chances of securing formal credit.

This lack of financial visibility leads to poor decision-making, cash flow mismanagement, and missed investment opportunities. As a result, many start-ups in Africa fail within five years, with financial mismanagement being a primary cause.

It is for this reason that SpendSaver,a Malawian FinTech start-up was conceptualized.

According to Charity Kampanje, the CEO at SpendSaver, this mobile platform provides real-time tracking of revenue and expenses and enhances loan eligibility through automatic financial reports.

“The reasons why most MSMES don’t want to have financial records is because they find the process tiresome such as manually inputting records, there is also the complexity of tools on the market right now such as QuickBooks…so, for someone who is not financially literate, it is hard,” she said.

“The SpendSaver tool is different, because it provides real-time tracking of records and we are including mobile money platforms. Because most MSMEs come from the lower side of the economy, most of them don’t have smartphones, so we decided to have a USSD platform, but we also have a mobile App to ensure inclusion, we don’t have to leave anyone out…”   

Women in FinTech Hackathon Participation.

SpendSaver was one of 16 FinTechs from Zambia and Malawi that underwent rigorous product development during the 2025 COMESA Women in FinTech Hackathon for Zambia and Malawi.

According to the team members, the hackathon was an eye-opening experience, especially due to the training they received from industry-leading professionals across various areas.

“We have been able to learn quite a lot, from the basics of preparing a pitch-tech to legal aspects, and aspects such as Level One Project Principles, with emphasis on inclusion and open-source software.”

They expressed their gratitude to the organizers for the opportunity.

“We would like to appreciate COMESA Business Council (CBC), HiPipo and the Gates Foundation for the insightful sessions,” Kampanje said.

SpendSaver featured on Day 33 of the 40 Days 40 FinTechs initiative; Zambia and Malawi edition. The roll-out of the 40 Days 40 FinTechs initiative in Zambia and Malawi followed its success in East Africa. Over the past 5 years, the 40 Days 40 FinTechs initiative has featured over 200 FinTech stories from Uganda, Tanzania, Kenya, and Rwanda. This initiative has also engaged hundreds of end-users and shared their stories with millions worldwide.

The primary objective of this initiative is to support and showcase innovative FinTech giants and start-ups from across Africa, with a focus on promoting financial inclusion and economic growth, in addition to giving start-ups access to the resources they need to develop new and innovative financial solutions that can benefit underserved populations. Such resources include but are not limited to Level One Project guidelines, Mojaloop Open Source Software and Inclusive Finance systems, etc.