MTN Zambia Rolls Out Mobile Savings Product

MTN Zambia, JUMO and Barclays Zambia have collaborated to roll out KASAKA, a short-term mobile saving offering.

The savings account facility has been added onto JUMO’s operating platform and can be accessed by MTN Mobile Money subscribers through 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.

MTN’s General Manager of Mobile Money, Edmund Barwuah said that the product “presents the opportunity for the underserved and unserved parts of the Zambian market to get their hands on a real-time savings product, promoting financial inclusion and a healthy savings culture.

Barwuah noted that MTN believes that with 30,000 agents and almost two million active MTN Mobile Money customers, KASAKA has the potential to become an essential option for subscribers to reap the benefits of savings.
He added that the telecoms giant considers taking financial services to those who were previously unbanked to be a huge responsibility that demands continuous innovation, hence, MTN’s long-standing partnership with JUMO and Barclays Zambia.

On the other hand, the Director of Strategic Partnerships at JUMO (Africa), James Townsend-Rose expressed that JUMO uses cutting-edge technology to develop and operate financial services because the main aim of JUMO’s business is to ultimately advance financial inclusion.

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