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BezoMoney: Empowering Ghana’s Savings Culture with Digital Solutions and Financial Innovation

Collaborating with prominent Ghanaian fintech company, Zeepay, BezoMoney is rolling out BezoSusu to users nationwide as part of the startup’s ambitious expansion strategy. Typically, the team of ten is focusing on digitizing an area that has been overlooked by some of the country’s leading fintech centers.

With backing fromMEST,Goodsoil VC , and various other partners, Mubarak Sumaila, CEO, and the BezoMoney team are replacing traditional “under-bed saving boxes” with modern, user-friendly digital saving wallets.

BezoMoney, which graduated from the MEST incubator in 2019, secured a $100,000 pre-seed investment to offer digital savings wallets to Ghanaians. In 2021, the startup raised $200,000 in seed funding, led by Goodsoil VC, to launch and expand products like BezoSeries, BezoCredit, and other inclusive financial solutions.

Founded in August 2019 by Mubarak Sumaila and Diana Osei, BezoMoney aims to help individuals and groups save money while building financial credit through their savings history. In a discussion with Adwoa Acheampomaa, BezoMoney’s Head of Marketing, she shared lesser-known insights into the financial habits of everyday Ghanaians.

Adwoa Acheampomaa revealed that a significant number of Ghanaians still rely on the tradition of saving in small boxes hidden under their beds, commonly referred to as “Susu.” This practice emerged as a response to the often unreliable financial institutions in the country. She further explained how various unions, including the Market Women Association, Taxi Drivers Association, and local church groups, adopt collective saving strategies designed to improve the quality of life for their members.

Over time, numerous citizens have raised concerns about difficulties in accessing their savings, a problem that extends to some financial institutions as well. In February 2020, the Ghanaian government had to reimburse customers who lost their savings and investments with collapsed savings and loans and microfinance companies. Additionally, the Bank of Ghana revoked the licenses of 347 microfinance companies in 2020 due to their failure to comply with regulatory requirements.

To address the distrust Ghanaians have towards savings and loans companies and microfinance institutions, BezoMoney introduced BezoSusu and BezoSmartSavings. These USSD-powered platforms enable users to transfer funds from their Mobile Money wallets to Bezo wallets and set savings goals based on predetermined commitments. By dialing *920*75#, any Ghanaian can easily join the startup’s saving plans. In its beta phase, BezoSmartSavings has already gained over 1,000 users, attracting participants from regions around Greater Accra to the digital platform.

S&P’s global financial literacy survey reveals that Africans have the lowest financial literacy scores worldwide. This lack of financial knowledge hinders the progress of fintech companies in the country striving to digitize the sector. In response, BezoMoney launched BezoSeries, a podcast aimed at providing valuable financial education to the public. The podcast’s goal is to raise awareness about the importance of saving and help BezoMoney customers cultivate healthy saving habits.

In the coming quarters, the funded startup plans to introduce additional innovative mobile-based products, including insurance support, credit-building opportunities, payment services, and other relevant fintech solutions tailored to the traditional Ghanaian market.

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Written by Grace Ashiru

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