Zazu is a technology bank based in the UK and operating in Zambia. In Africa, there are over 350 Million people who do not use banks because distance and price prohibit them. We believe that Africa can only continue to prosper if digital technologies are used to ensure that banking is accessible, transparent and affordable to everyone.
So what is Zazu?
Right now, Zazu is a pre-paid debit card linked to a companion app showing users where & how money is spent.
So how are we different from traditional banks?
Most banks in Africa charge you to open an account. And they charge high operating fees a month. If you want to do certain things, like inquire about your balance, or make a payment, you have to go to branch. In this branch, you regularly spend over 30 minutes.
Suffice to say that going to a branch is something very few people enjoy or look forward to.
We are different from other banks because we are a technology company first. That means, our product is built for your smartphone first. And as a result, you can do anything you want with your account, without going to any branch.
Examples of things you can do from the Zazu app:
– Open a bank account
– Send and receive money
– Check balances
– Pay bills
We are also different from other banks because of the way we built the bank. Most banks are really old. They are known as ‘legacy banks’. In some cases, the technology they use today, existed before the first iPhone existed. What this means, is these banks are unable to make changes to their products and services in a fast or meaningful way.
Zazu on the other hand, is building a technology bank, today. Updating or making changes to any part of the bank, is a matter of minutes, not months.
When can I use it?
Because we are a new player on the market, we have to satisfy Central Bank requirements. Once we are cleared to operate, we will be inviting users in small groups. We anticipate testing the product with up to 20 users in the next few months and thereafter, rolling out to 1500 users.
If you want to be one of these people on the 1500 list, sign up to our mailing list.