MTN Zambia, Barclays Zambia and JUMO have together launched KASAKA, a short-term mobile saving product.

The savings account facility is built on JUMO's operating platform and is available to MTN Mobile Money users via Barclays Zambia.

According to a statement issued to the media, 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 bank stated.

"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," the statement read

MTN Mobile Money General Manager Edmund Barwuah said 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."

Barwuah stressed that partnerships between banks and FinTechs are fundamental in the development of financial products with financial inclusion in mind.

"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."

Barclays Bank Zambia Managing Director Mizinga Melu, added that the product provides an opportunity for the unserved and underserved segments of the Zambian market to access real-time savings.

"This will drive financial inclusion and encourage a culture of saving in the country."

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."

According to the partner companies, over 10 000 Zambians have saved more than ZKW 1 600 000 since March 2019.