BezoMoney, a Ghanaian leading fintech provider of out-of-the-box financial tools and solutions for the unbanked and digital-savvy, recently announced the launch of its new savings platform, BezoSusu.
The BezoSusu platform allows users to make deposits through their mobile money wallets or bank accounts, track and monitor the growth of their money and eventually reach set savings goals. Some of the platform features include automated daily and weekly deposits to your savings goal, Auto-Lock function, track and monitor savings goal, and a whopping 9% interest per annum on savings. The platform also optimizes users’ saving options by allowing deposits via mobile money.
With BezoSusu, customers who are keen to save have access to a growing selection of features and benefit from the platform’s wider choice, safety, and convenience.
About BezoMoney
BezoMoney was founded in 2019 by two Meltwater Entrepreneurial School of Technology (MEST) programme graduates, Mubarak Sumaila and Diana D. Osei, as a fintech startup that builds and provides digital financial services and products for unbanked and younger consumers.
Since its inception, the startup has established products that provide social mobility for the unbanked and digitizes transactions of informal savings groups, popular known as Susu in Ghana.
BezoSusu is a part of BezoMoney’s growing portfolio of products and services tailor-made to help digital savvy and the unbanked make smart money moves and earn their way to financial freedom.
The BezoSusu platform is built on USSD and is integrated with Mobile Money to allow users to transact via their Mobile Money wallets.
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BezoMoney’s vision is to become the leading digital bank for the unbanked and the younger generation, a digital bank that provides financial products and services that span across the entire financial spectrum, meeting the needs of its users on their journey to financial stability. BezoMoney partners with existing financial institutions and mobile operators to meet the regulatory requirements to provide its services and products.
BezoSusu Launch – “upward social mobility to all young people and the unbanked.”
Speaking on the Launch, CEO Mubarak Sumaila noted, “Ghana is lagging behind in providing financial products and services for the unbanked and today’s digitally savvy generation. This is a huge market, largely untapped, and BezoMoney has positioned itself to disrupt this space and provide a safe, timely, easy to use, innovative platform that allows you to grow your money with convenience. The arrival of BezoSusu brings an exciting innovation to this market. Essentially, BezoSusu can do for the savings market what PayPal did for the payments space.”
If you are not aware, BezoMoney had secured $200,000 seed funding from US-based Goodsoil Venture Capital last year to create more innovative products, grow the company’s user base, expand its team, and scale across Ghana.
While BezoMoney secured the funding, a director at Goodsoil VC, Orla Enright, acknowledged how the platform provides the unbanked and young people with easy access to powerful and flexible wealth-generating tools that are typically hard to access.
“We are excited to partner with BezoMoney to accelerate their growth and assist them in their scale,” he said.
The launch of the BezoSusu platform is a good show that the company is making effective use of the funding raised.
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Dawuda Iddrisu, Chief Technology Officer at Bezomoney, explained, “With Bezosusu, we are offering a robust platform that is end-to-end encrypted and prioritizes the data security and privacy of our users. Our platform is super easy to use, intuitive, and has a beautiful user interface for our users.”
We go all in to help our customers on their savings journey, whether it’s through heartfelt incentives, mouth-watering promos or our stellar customer support, Diana Osei, Co-Founder of the company, expressed.
“Of course, today’s launch of Bezosusu is just the beginning: We now plan to expand the product offering on the platform with additional features and benefits over time as we assess what users desire from time to time. Our digital and offline channels will primarily dominate our launch efforts, but we intend to leave no stone unturned to stay visible and create maximum adoption for our product,” said Head of Marketing, Adwoa A. Nyamesem.
The VP of Marketing, Emma Tandoh, also remarked — “With the launch of our Bezosusu platform, we are reaffirming our ambition to provide a new infrastructure for Africa’s growing savings business. We also plan to capitalize on additional partners and bring our vision of upward social mobility to all young people and the unbanked.”
Meanwhile, in the last three years, Africa fintech startups have received more investment than other sectors – and there’s a basis for this.
Across the continent, fintech isn’t so much disrupting traditional financial services as building up a historically underdeveloped industry. These startups are plugging significant gaps in local financial service industries by creating a raft of tech-based products and solutions, including mobile money, online payment processing, lending, and investing.
With around 66% of the adult population in Africa unbanked, BezoMoney has a huge opportunity to drive financial inclusion outside of traditional banking systems in Ghana.
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Let’s wait a few more years and see how its BezoSusu platform reduces the unbanked population and upward social mobility of the digital-savvy.
