Zambian fintech startup Zazu has partnered Mastercard to issue prepaid cards linked to its mobile wallet in a bid to increase financial inclusion.
Launched in October 2015, Zazu originally allowed farmers with extra produce to connect with new markets, but pivoted into the digital banking space in 2017. Its mobile wallet allows customers – even those without a bank account – to send, receive, pay and save money digitally.
The startup, which recently raised US$1.4 million in funding, has now rolled out the Zazu Mastercard prepaid card, which allows cardholders to withdraw money from ATMs and pay for items at the millions of merchants that accept Mastercard, both in Zambia and internationally.
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.
“From the get-go, we set out to build a wallet that people would be able to use locally, and globally. Giving our user base 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,” said Perseus Mlambo, founder and chief executive officer (CEO) of Zazu.