MTN, Barclays to broaden financial inclusion in Zambia
7 June 2019
MTN Zambia, Barclays Zambia and JUMO have 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.
KASAKA is an interest-bearing savings account that is available to all MTN Mobile Money customers by Barclays Zambia via the JUMO platform and serves as the next step in widening the offering of financial services products to the unserved and underserved population in Zambia.
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, 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.”
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 Mobile Money 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.”
And Barclays Bank Zambia Managing Director, 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.
This product provides an opportunity for the unserved and underserved segments of the Zambian market to access real-time savings. This will drive financial inclusion and encourage a culture of saving in the country.”
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.”