JUMO’s Product Manager for Savings, Tracy de Waal, shares how JUMO’s savings portfolio is evolving to help people build financial resilience and plan for the future.

Despite more people being included in banking and financial systems, the use of savings facilities remains limited. According to the World Bank’s Global Findex, just 21% of adults in Sub-Saharan Africa reported saving at a financial institution or through a mobile money account. Many people rely on informal methods like cash savings at home or rotating savings groups, which can lack security and limit opportunities to build a financial track record.

Savings are a critical foundation for economic growth and financial security. When people can securely save, they are better able to manage shocks, invest in education or businesses, and plan for long-term goals. Strong savings habits improve household resilience, reduce reliance on credit in emergencies, and channel capital into the broader economy for lending and investment. 

Building a savings habit can be one of the most important ways to strengthen household resilience, plan for emergencies, or work towards big goals, yet barriers like high minimum balances, lack of accessibility, or punitive withdrawal rules often get in the way. Across Africa, millions of people remain excluded from banking systems.

At JUMO, we partner with banks and payments ecosystems such as mobile money to build savings products that are simple, available, and fit for purpose. The savings solutions we build are designed to reach people wherever they are, giving them the flexibility to save what they can, when they can, and to access their funds when they need them.

JUMO’s savings portfolio at a glance

We currently operate two savings products in partnership with mobile network operators and banks: Timiza Akiba in Tanzania and KASAKA Savings in Zambia. These products are designed for everyday use, helping people save flexibly and conveniently. The funds are accessible in an emergency; however, interest accrual discourages withdrawal and encourages saving.

Our savings portfolio is continuously evolving to meet customer needs. In October 2024, JUMO launched an upgraded version of the Timiza Akiba savings product for Tanzanians. We shifted from monthly to daily interest accrual and removed withdrawal penalties altogether. Customers now earn more interest while maintaining complete access to their funds without forfeiting earnings. This makes saving not only more rewarding but also more practical.

We also increased the savings limits, allowing customers to grow larger balances in line with their goals. The same evolution is planned for KASAKA Savings in Zambia.

Beyond these changes, which add value for customers, we also invested significantly in fine-tuning our technical integration capabilities and the speed with which we can roll out system changes.

We have re-engineered our backend systems to make savings products fully configurable.

This flexibility allows us to quickly adjust interest calculations, payout schedules, and balance limits in response to partner requirements or new market opportunities.

We also increased the interest rate on the Zambia savings product from 5% to 7% in 2022, making Kasaka Savings the most competitive mobile money savings option with instant access and no fixed term, helping customers grow their savings faster.

Why saving matters: supporting economic empowerment

At JUMO, our mission is to advance financial inclusion by breaking down barriers to access to financial services and tools. The savings products we’ve built are designed for people who are often underserved by traditional banking systems, empowering them to build financial resilience and plan for the future.

By making saving easier and more accessible, we help people develop healthy financial habits, accumulate assets, and improve their long-term security. JUMO’s savings portfolio complements the credit products we make available, offering customers access to funds when they need them, alongside the means to build a safety net over time.

This balanced approach helps strengthen household and community-level economic stability, contributing to socio-economic development.

Data, technology and partnerships: driving reach and impact

At JUMO, we take a data-driven approach to constantly improving the products we serve to customers with our partners. Targeted SMS campaigns informed by customer insights help us educate users, promote financial literacy, and build trust.

Our partnerships are critical to our impact. In Tanzania, for example, we work with Airtel and Letshego Bank to run annual incentive-driven savings campaigns and eight-week programmes that reward savers with weekly raffle draws and prizes. These campaigns help encourage saving and make the experience more rewarding and engaging.

The work is not done yet; we have ambitious plans to keep growing and improving the savings products we have to offer over the next few years. Without giving away too much, we will be rolling out a new savings construct in Zambia to deliver a more customer-friendly experience. We are also exploring new engagement models, such as prize-linked savings and gamified experiences, to make saving more interactive and rewarding. By turning a routine financial habit into something fun and goal-driven, we hope to boost participation and support better financial outcomes.

At JUMO, we believe that empowering people to save is central to building a more inclusive and resilient financial system. We’re excited to keep innovating to help customers achieve their goals and build a stronger foundation for their future. For more on how JUMO is transforming financial ecosystems across emerging markets, check out our blogs.