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Rwanda’s Digital Savings Revolution: Tunzi App Launches to Transform Financial Habits
A New Era for Rwanda’s Savings Culture
A groundbreaking mobile savings application called Tunzi has launched in Rwanda, offering innovative technology-driven solutions to transform the nation’s saving culture. The app enables individuals and groups to save consistently based on their spending patterns and financial activities.
Addressing Rwanda’s Savings Gap
Recent data from the FinScope Survey 2024 reveals:
- Formal savings increased from 54% (2020) to 59% (2024)
- 23% of Rwandans still use informal savings methods
- 3% keep savings at home
- 15% of the population doesn’t save at all
How Tunzi Works
The application leverages advanced analytics to:
- Integrate saving with everyday transactions
- Provide real-time progress tracking
- Automate savings based on user behavior
- Offer flexible saving options starting from just Rwf50
“Our platform’s technology-driven approach removes the friction between the decision to save and the actual action. Tunzi allows users to save when they send or receive money or make purchases, making the process simple and automated,”
— Samuel Njuguna, CEO of Moneto Ventures Limited
Regulatory Backing and Partnerships
Developed by Moneto Ventures, Tunzi emerged from the Rwanda Capital Market Authority’s (CMA) Fintech Regulatory Sandbox program. The app partners with BK Capital, a licensed fund manager regulated by CMA, to ensure fund security and accessibility.
Industry Support
“As a fund manager, we can confidently say that platforms like Tunzi have the potential to revolutionize how people save. We have witnessed first-hand how Tunzi is driving a shift in financial behavior,”
— Siongo Kisoso, Managing Director of BK Capital
Key Features and Benefits
Frequently Asked Questions
- How is interest earned?
- Funds are invested to earn daily accruing interest issued by the fund manager.
- What are the saving limits?
- Users can save from as low as Rwf50 with no maximum limit, plus unlimited top-ups.
- What fees apply?
- Tunzi charges a 2.5% platform fee on interest distributed by the fund manager.
Competitive Landscape
Tunzi enters Rwanda’s digital savings market alongside similar solutions like the SAVE App by Exuus Ltd, which builds on traditional savings groups (Ibimina). The app is available on both Apple App Store and Google Play Store.
This article summarizes original reporting by KT Press. Read the full article here.
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