[Zambia] Zazu to launch Mastercard prepaid cards linked to its mobile wallet
In a market first, fintech company Zazu Africa Limited has announced a partnership with Mastercard to issue prepaid cards linked to the Zazu app in a move that will help to reduce cash dependence and increase financial inclusion in Zambia.
Zazu is a mobile wallet that allows customers – even those without a bank account – to send, receive, pay and save money digitally. Currently users can only make payments at select Zazu merchants in Zambia.
By obtaining a Zazu Mastercard prepaid card, cardholders will be able to withdraw money from ATMs and pay for purchase at millions of merchants that accept Mastercard, both in Zambia and internationally. The prepaid card also features the latest contactless technology, providing cardholders with a fast and convenient payment solution with the highest security protection.
For e-commerce payments, Zazu customers can request a Mastercard virtual card directly in the app, providing them with a secure way of transacting online without needing to share their primary card or account information with the merchant. Zazu users can opt for a single use virtual card, which will expire immediately once it’s used, or a virtual card that is valid for 30 days and has no limit on how many times it is used.
Perseus Mlambo, Founder and CEO, Zazu says: “From the get-go, we set out to build a wallet that people would be able to use locally, and globally. Giving our userbase a companion card to their wallets means they can use their funds at millions of locations around the world. It also provides our customers with the control and confidence they need to manage their money more smartly. We are extremely excited by the opportunities.”
The initiative aligns with the Bank of Zambia’s National Financial Inclusion Strategy, which aims to increase financial inclusion from 59 percent in 2017 to 80 percent by 2022, by enabling more people and businesses to access digital payments and formal financial services.
“Our programs are developed to help consumers and businesses meet their daily needs, including the ability to transact more efficiently and safely,” says Mark Elliott, Division President, Mastercard Southern Africa. “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.”
Anyone in Zambia can apply for the prepaid card directly from the Zazu app, as well as receive the virtual card. Once they have an account, they can top up their accounts seamlessly through Zazu agents operating in their communities.