MTN Zambia in partnership with Barclays Zambia, and JUMO have launched a unique short term mobile saving product called “Kasaka”.
In a joint statement, Wednesday, the three corporate entities announced that Kasaka saving had been launched with a view to widen access to financial services for underserved people in the country and that the plartform would be available for all MTN mobile money users.
“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 service products to the unserved and underserved population in Zambia,” read the joint statement.
“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.”
And speaking during the launch, MTN Mobile Money General Manager Edmund Barwuah said the new system would drive financial inclusion and encouraging a strong savings culture among Zambians.
“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,” said Barwuah.
Meanwhile Barclays Bank Zambia Managing Director Mizinga Melu said the adoption and implementation of new technologies helped in offering financial services products to the unserved and underserved population in Zambia.