KASAKA SAVINGS was announced last year in September 2018 by MTN. This was coaction of MTN Zambia and Barclays Bank Zambia. But then under Charles Molapisi leadership, KASAKA, a local name derivative, was introduced to mean one could save ‘enough money to fill a bag.’
Eight months down the path Zambia’s telecommunication giant and mobile phone company MTN Zambia through the financial technology muscle of Barclays bank have now fully launched the Kasaka Savings Account.
From an MTN powered mobile phone SIM, dialing *303# then choosing option 4 reveals an option Kasaka Savings where all the transactions are going through. According to a report at Jumo Press, more than 1.6 million kwacha of financial transactions has already been invested by the 10,000 investors/customers.
This is only but a portion of the 2 million active MTN MoMo users presently in Zambia with more than 30,000 agents across the country.
KASAKA SAVING is an interest-bearing savings account that is available to all MTN Mobile Money users and is provided by Barclays Zambia. Additionally, it is Barclays who finance the Kongola Loans that is found on the same mobile money platform.
Barclays as a licensed depository financial institution through the use of the JUMO technology platform will bear the burden of the financial system victuals. Jumo is in agreement with the financial institution and the telecoms.
Jumo is “A scalable and automated platform, based on a microservices architecture. The JUMO platform supports the creation of predictive data products and models for financial services providers, mobile network operators and other holders of behavioral data sets.”
Jumo has a footprint that covers across continents from Asia to Europe, America, and Africa. The countries include Pakistan Singapore, United Kingdom, USA, Uganda, Tanzania, Zambia, and South Africa.
What is the interest on the Kasaka Savings?
So Jumo will provide the platform while MTN Zambia will handle the deposits through Mobile Money and Barclays will assume the funding of interest to the customer.
However, it’s not clear what interest rates will prevail as a quick sweep at the terms and conditions at jc.jumo.world/mzms does not show any figure.
KASAKA savings is part of the widening of financial inclusions to millions of ordinary Zambian people. Anybody with an MTN Mobile Money will be able to access the facility and make savings deposits at any time.