Zazu Africa: Story, Founders, Investors & Funding Rounds
Zazu started as a way for farmers with extra goods to find new markets. In 2017, it turned its attention to digital banking.
The Zazu mobile wallet makes it easy to do things with money, like send and receive money, buy things, and store money. You can use the virtual card that comes with our wallet to buy things online.
Zazu’s tools for making a budget and saving money will help you feel more in charge of your money. It has information that is meant to help you learn more about personal finances and reach your goals.
The people who use Zazu are friendly and helpful. Whether you’ve been banking for a long time or are just starting, their wallet will help you get more for your dollar. They are the only wallet that works on iOS, Android, and devices that don’t have internet access.
When you buy something or send money to someone else, the money goes straight to their bank account or payment processor.
Zazu doesn’t just sell wallets because the key is to keep everyone moving at the same speed. So, when you need money, you can quickly and easily ask family and friends for money through the app.
The company believes that it is very important for people in Zambia to buy from locally owned businesses, most of which are run by families. They can get paid by clients without buying any extra equipment from Zazu. More importantly, Zazu changes along with them, which lets them offer banking services when no one else will.
How it Works
You will be required to provide your full name, phone number, mailing address, date of birth, and a valid form of identification (NRC, driver’s license, or passport).
The Know Your Customer rules of the Bank of Zambia require them to collect this information so that they can protect against money laundering and the funding of terrorism. It’s also a good way to keep your money safe.
They also have to follow both national and international rules, so they can’t do any business without full registration.
The Bank of Zambia is in charge of Zazu, and it has to follow many rules about privacy, technology, and security. Also, they made the product themselves and made a wallet that is safe and verifies that all purchases are real. Therefore, you shouldn’t worry because this verification usually happens while you’re not looking.
Zazu will never give your personal information to anyone else unless the law says they have to. For example, if the government or law enforcement asks them to reveal the name of a customer whose account they think is being used for illegal or fraudulent activities, they would have to do so.
Additionally, Zazu does everything it can to keep your account safe, but you need to do your part, too. Do not give anyone your account information or send money to someone from whom you haven’t bought anything or gotten a service.
Using an existing Debit Card
You can also add money to your Zazu wallet with a Mastercard or Visa debit card. If the card is a Visa or Mastercard, it doesn’t matter which bank gave it to you.
To start using it, just click “Load money.” The option “Debit Card” should be picked. Enter the 16-digit card number, the expiration date, and the 3-digit security code that can be found on the back of the card. Just enter the amount of the deposit and finish the transaction.
After that, you’ll be sent to your bank’s website, where they’ll ask you to prove that you’re the one making the purchase. Once this is done, money will be transferred from the bank account linked to your card to your Zazu wallet.
If you want to move money from your Mobile Money Wallet, open the Zazu app. To add money, click the “Load funds” button. Choose “Mobile money” from the list of options. Just type in the amount you want to take out and the Mobile Money number you want to use.
When you buy something through the Zazu app, the MNO will ask you for your Mobile Wallet PIN to confirm the purchase. If this is the case, the money should show up right away in your Zazu account.
While Using a virtual card, your debit card number is made online and linked to your account safely and easily. The virtual card can be used to make online purchases without ever having to be sent in the mail. You have the power to protect your digital cash better.
The Zazu Virtual Card works like a Mastercard, but it is issued digitally and stored in your Zazu app wallet. You can shop online at any store that takes Mastercard with this card. The length of time your virtual card is good for can vary, from one use to a whole month.
Perseus is the CEO and founder of Zazu.
He previously worked as the CEO at Union54
Adam is Zazu’s, Chief Technology Officer.
Previously, he worked for Lloyds Banking Group.
Investors & Funding Rounds
Zazu has successfully raised $1.4 million through a fundraising round. This will allow the company to hire more people and get closer to potential users.
After a successful crowdfunding campaign, the company made two items that fit the needs of Zambian customers.
More than 1.1 million people have used Zazu’s first product, a chatbot that explains how financial services work through text messages. Zazu’s second product is software for a digital wallet that works with prepaid cards to give users more control over their money.
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