Mastercard works with Zambian fintech to expand financial inclusion
Zazu Limited, a Zambian fintech, has partnered with Mastercard to launch a mobile wallet that supports a prepaid account instantly issued from the app to any local consumer — with or without a bank account.
The move enables Zazu users to transfer funds, withdraw cash at ATMs, shop locally via selection merchants QR codes or online without sharing their primary card or account information with merchants, according to a Mastercard press release. About 60% of Zambians operate strictly in cash, according to Zambia’s central bank.
Users may opt for a plastic version of the card, a virtual card to use within the app that must be renewed every 30 days, or a single-use virtual card for improved security, the release said.
Zazu users may load funds to the app through participating Zazu agents in Zambia.
“From the get-go, we set out to build a wallet that people would be able to use locally and globally,” said Perseus Mlambo, Zazu’s founder and CEO, in the release.
“We are excited to partner with Zazu and lead the transition to digital payment by enabling access to their customers for online and in-person payments across the globe — without the costs and risks associated with cash,” added Mark Elliott, Mastercard’s division president for Mastercard South Africa.