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Rwanda’s Digital Savings Revolution: Tunzi App Launches to Transform Financial Habits
A groundbreaking mobile savings application is set to revolutionize Rwanda’s financial landscape, offering seamless digital solutions to encourage consistent saving habits among individuals and groups.
Addressing Rwanda’s Savings Gap
Recent data from the FinScope Survey 2024 reveals:
- Formal savings increased from 54% (2020) to 59% (2024)
- 23% still rely on informal savings methods
- 3% keep savings at home
- 15% don’t save at all
How Tunzi Works
The Tunzi application, developed by Moneto Ventures, leverages advanced technology to:
- Automate savings based on spending patterns
- Provide real-time progress tracking
- Integrate with everyday financial transactions
Key Features and Benefits
“Our platform removes friction between deciding to save and actually saving,” explained Samuel Njuguna, CEO of Moneto Ventures. “Tunzi makes saving automatic when users send, receive, or spend money.”
The app offers:
- Minimum savings of just Rwf50
- No maximum savings limit
- Daily interest accrual
- Quick access to funds
Regulatory Backing and Partnerships
Tunzi emerged from Rwanda’s Capital Market Authority (CMA) Fintech Regulatory Sandbox program. In collaboration with BK Capital, the platform ensures:
- Secure fund management
- Regulatory compliance
- Integration with Aguka Fund for wealth building
Transforming Rwanda’s Financial Future
“Platforms like Tunzi are revolutionizing savings behavior,” noted Siongo Kisoso of BK Capital. “We’re witnessing a significant shift in financial habits through this technological innovation.”
The app joins Rwanda’s growing fintech ecosystem, complementing existing solutions like Exuus Ltd’s SAVE App while introducing new digital approaches to traditional savings practices.
Frequently Asked Questions
How does interest work?
Funds earn daily interest through investment by the fund manager.
Are there savings limits?
No maximum limit, with minimum savings starting at Rwf50.
What are the fees?
Tunzi charges 2.5% of distributed interest as a platform fee.
The Tunzi app is now available for download on both Apple App Store and Google Play Store, marking a significant step forward in Rwanda’s digital financial inclusion efforts.
This article summarizes an original report from KT Press. Read the full story here.
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