BezoMoney: Empowering Ghana’s Financial savings Tradition with Virtual Answers and Monetary Innovation


Participating with distinguished Ghanaian fintech corporate, Zeepay, BezoMoney is rolling out BezoSusu to customers national as a part of the startup’s bold enlargement technique. Usually, the group of ten is that specialize in digitizing a space that has been lost sight of by means of one of the crucial nation’s main fintech facilities.

With backing fromMEST,Goodsoil VC , and quite a lot of different companions, Mubarak Sumaila, CEO, and the BezoMoney group are changing conventional “under-bed saving containers” with trendy, user-friendly virtual saving wallets.

BezoMoney, which graduated from the MEST incubator in 2019, secured a $100,000 pre-seed funding to supply virtual financial savings wallets to Ghanaians. In 2021, the startup raised $200,000 in seed investment, led by means of Goodsoil VC, to release and extend merchandise like BezoSeries, BezoCredit, and different inclusive monetary answers.

Based in August 2019 by means of Mubarak Sumaila and Diana Osei, BezoMoney goals to lend a hand people and teams lower your expenses whilst constructing monetary credits via their financial savings historical past. In a dialogue with Adwoa Acheampomaa, BezoMoney’s Head of Advertising and marketing, she shared lesser-known insights into the monetary conduct of on a regular basis Ghanaians.

Adwoa Acheampomaa printed {that a} important choice of Ghanaians nonetheless depend at the custom of saving in small containers hidden beneath their beds, regularly known as “Susu.” This tradition emerged as a reaction to the continuously unreliable monetary establishments within the nation. She additional defined how quite a lot of unions, together with the Marketplace Girls Affiliation, Taxi Drivers Affiliation, and native church teams, undertake collective saving methods designed to make stronger the standard of lifestyles for his or her contributors.

Over the years, a large number of electorate have raised considerations about difficulties in getting access to their financial savings, an issue that extends to a couple monetary establishments as neatly. In February 2020, the Ghanaian executive needed to reimburse consumers who misplaced their financial savings and investments with collapsed financial savings and loans and microfinance firms. Moreover, the Financial institution of Ghana revoked the licenses of 347 microfinance firms in 2020 because of their failure to agree to regulatory necessities.

To handle the mistrust Ghanaians have against financial savings and loans firms and microfinance establishments, BezoMoney offered BezoSusu and BezoSmartSavings. Those USSD-powered platforms allow customers to switch price range from their Cellular Cash wallets to Bezo wallets and set financial savings targets in keeping with predetermined commitments. Via dialing *920*75#, any Ghanaian can simply sign up for the startup’s saving plans. In its beta section, BezoSmartSavings has already received over 1,000 customers, attracting individuals from areas round Larger Accra to the virtual platform.

S&P’s international monetary literacy survey finds that Africans have the bottom monetary literacy rankings international. This loss of monetary wisdom hinders the development of fintech firms within the nation striving to digitize the sphere. In reaction, BezoMoney introduced BezoSeries, a podcast aimed toward offering precious monetary schooling to the general public. The podcast’s function is to boost consciousness in regards to the significance of saving and lend a hand BezoMoney consumers domesticate wholesome saving conduct.

Within the coming quarters, the funded startup plans to introduce further leading edge mobile-based merchandise, together with insurance coverage toughen, credit-building alternatives, cost products and services, and different related fintech answers adapted to the normal Ghanaian marketplace.

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