Telecom giant and financial technology company, MTN Zambia, Barclays Zambia and JUMO today announced the commercial launch of KASAKA – a unique, short term mobile saving product.
This interest-bearing savings account is available to all MTN Mobile Money users through Barclays Zambia. KASAKA, the next step in widening access to financial services for underserved people in Zambia, has been built and run on JUMO’s operating platform. Over 10 000 Zambians have saved more than ZKW 1 600 000 since March 2019.
Barclays Zambia, as the licensed deposit taking institution, is responsible and accountable to the Bank of Zambia. Interest to the customer will be funded by Barclays Zambia and will handle all treasury management functions. The interactions with the customer and all transactions between the customer wallets and the Barclays Zambia wallet will be managed by the JUMO platform, under instruction from Barclays.
Speaking during the launch, MTN Mobile Money General Manager, Mr. Edmund Barwuah noted that this simple, easy to understand and convenient savings product provides the opportunity for the unserved and underserved segments of the Zambian market to access a real-time savings product, driving financial inclusion and encouraging a strong savings culture.”
Mr. Barwuah stressed that partnerships between banks and Fintechs are fundamental in the development of relevant financial products with financial inclusion in mind.
“We believe that with close to two million active MTN MoMo customers and 30,000 agents, KASAKA will become an important avenue for subscribers to harness the benefits of savings. We consider taking financial services to the previously unbanked a huge responsibility that demands constant innovation and this forms the basis for our long-standing partnership with Barclays Zambia and JUMO.”
Barclays Bank Zambia Managing Director, Mrs. Mizinga Melu, noted that these strategic partnerships paired with the adoption and implementation of new technologies is the next step in widening the offering of financial services products to the unserved and underserved population in Zambia.
James Townsend-Rose, Director of Strategic Partnerships: Africa at JUMO, said “We use cutting-edge technology to build and run financial services because at the core of our business, we’re working to advance financial inclusion. JUMO is excited to be a part of adding savings to the financial choices available to Zambians.”
About MTN Zambia
MTN Zambia is part of the MTN Group a multi-national telecommunications company with a footprint in 22 countries in Africa and the Middle East. It started its operations in Zambia in 2005 after acquiring the then Telecel. It initially started as an exclusive GSM network providing voice and Short Message System (SMS) services.
The portfolio has grown to include voice (local and international), data, fixed and wireless internet, money transfer and other value added services.
The company is Zambia’s market leader with the largest market share providing communications solutions across all the 10 provinces of Zambia. MTN Zambia’s footprint is covered by 4G, 3G, Edge and 2G networks.
MTN Zambia is the country’s fastest growing and most innovative network and is highly acclaimed for its quality network and dynamic tariff billing system. The company puts its customers at the forefront and uses its position on the market to uplift people’s lives and communities through a robust Corporate Social Investment programme in Education, Health (United Against Malaria), and preservation of the country’s cultural heritage through sponsorship of traditional ceremonies.
About Barclays Bank Zambia
Barclays Bank Zambia Plc has operated in Zambia for 100 years and is one of the leading employers in the financial sector. The Bank has countrywide presence in all 10 provinces through an extensive distribution network of retail branches, ATMs and point of sale terminals.
To find out more about Barclays Bank Zambia Plc, its products and services, please visit our website, www.zm.barclays.com, call 0211 226 430 or visit any of our branches nearest to you and speak to one of our customer advisors.
Barclays Bank Zambia is part of Absa Group Limited, which owns majority stakes in banks in Botswana, Ghana, Mauritius, Mozambique, Seychelles, South Africa (Absa Bank), Tanzania (Barclays Bank Tanzania and National Bank of Commerce), Uganda and Zambia. Absa Group Limited also has representative offices in Namibia and Nigeria, as well as insurance operations in Botswana, Kenya, Mozambique, South Africa, Tanzania and Zambia.
JUMO is the largest and fastest growing technology platform for operating inclusive mobile financial services marketplaces in emerging markets. JUMO partners with forward thinking banks and mobile network operators to connect small businesses and people with financial opportunity. JUMO combines data and technology to deliver products designed for the 80% of the world’s population that are un(der)served by traditional financial services. Currently, JUMO employs over 350 experts in 10 countries across Africa, Europe and Asia, approximately two-thirds of which are specialists in the areas of software engineering, data science, analytics and finance. For more information, please visit www.jumo.world.