MTN Zambia, Barclays Zambia and JUMO have collaborated to introduce KASAKA, a short-term mobile saving product. The savings account facility is mounted on JUMO’s operating platform and is accessible to MTN Mobile Money subscribers via Barclays Zambia.
Barclays Zambia, as the licensed deposit taking institution, is accountable to the Bank of Zambia. Interest to the subscriber will be backed by Barclays Zambia and will hold all treasury management functions, the bank stated.
The Mobile Money General Manager of MTN, Edmund Barwuah stated that the 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. 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.”
On the other hand, James Townsend-Rose, Director of Strategic Partnerships: Africa at JUMO, expressed, “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.”