LUSAKA, Zambia— A Zambian FinTech company, Save and Remit, is modernizing informal savings and lending groups common across Africa with a digital platform aimed at increasing financial inclusion for women.
These traditional savings circles, often run manually with cash and paper records, serve as a crucial financial lifeline for many households but can be susceptible to mismanagement and exclusion from formal financial systems.
Save and Remit, founded by Putty Kabango Muuka, has developed a mobile application available on the Google Play Store that allows these groups, including village banking collectives and cooperatives, to manage their finances digitally. The platform provides a secure digital identity for each group, enabling members to track savings, view transaction records in real-time, and integrate with mobile money and bank card payments.
“Our platform gives informal groups structure and visibility,” Kabango said. “We’re turning cash-based circles into digitally recognized financial entities that can eventually access loans and services from microfinance institutions.”
Groups can register on the app by entering member details, savings schedules, and preferences. The platform then assigns an 11-digit code for administrators to onboard members. Once registered, users can view their contributions and download statements, eliminating the need for physical record-keeping.
Launched during the COVID-19 pandemic, Save and Remit gained significant traction in 2022 following pilot projects with organizations like FSD Zambia. Currently, over 50 savings groups with more than 1,000 users are active on the platform.
Despite its growth, Save and Remit faces challenges common for African FinTech startups, including expensive licensing requirements, difficulties in securing aggregator agreements with telecommunications companies, and the high cost of developing USSD functionality for users without smartphones.
“We need more support to expand our reach, especially for women who don’t have smartphones,” Kabango noted.
Save and Remit was recently featured as part of the #40Days40FinTechs Zambia and Malawi edition, a campaign highlighting innovation in Africa’s FinTech sector. The initiative, led by HiPipo, has profiled over 200 FinTechs and promotes inclusive finance through tools like Mojaloop Open Source Software and a focus on gender inclusion.
As digital finance expands, platforms like Save and Remit demonstrate how technology can address the needs of underserved communities and promote greater financial inclusion.
