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MTN, Barclays Bank, JUMO Set to Launch Mobile Savings Product in Zambia

Barclays Zambia, MTN Zambia(a telecom and financial technology company) and JUMO (an inclusive mobile financial services marketplace) have partnered for the launch of short term mobile savings product- KASAKA. Barclays Zambia will facilitate the availability of KASAKA to MTN’s Mobile Money users, will be funding the interests to the customers and will handle all the treasury management functions.

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“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.” said Edmund Barwuah, MTN Mobile Money GM.

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According to Mr. Edmund Barwuah, KASAKA is expected to provide the unserved & underserved segments of the Zambian market with access to a real-time savings product, therefore fueling financial inclusion and encouraging a savings culture.

Established in 2014, JUMO is a technology platform for operating inclusive mobile financing services marketplace. JUMO aims to connect small businesses and people with financial opportunity.

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.