Patumba vs Kasaka Savings: Fintech presence has made today’s money saving needs much easier as it can be done from your mobile phone and the investment kept safe somewhere by companies you can trust.
This rightly brings us to wanting to know know what is the difference between Patumba and Kasaka savings. Knowing which one is which and what is offered can clearly help us decide where we can safely store the little Kwachas we earn.
We will look just at the basic of the two. What Patumba is and what it offers and also what Kasaka Savings is, who runs the show and what is in it for us if we want to invest.
While Patumba runs on MTN mobile network it is a service provided entirely by a different company (Hobbiton) offering a range of savings plans. For starters Patumba is offered on all Zambia’s mobile networks that is Airtel, MTN, and Zamtel.
What exactly differentiate Patumba from Kasaka Savings is that the Hobbiton’s product offers you an opportunity to invest in a variety of investment products. Lets look at the sammaries of those investment plans.
Patumba Investment Plan – Patumba Investment Plan offers you an opportunity to invest in money-based securities with a minimum tenure of 90 days.
Patumba Education Plan – The Patumba Education Plan makes it easy and convinient for individuals to plan and save for their education via MTN, Airtel, & Zamtel wallets.
The Retirement Plan – This package enables mobile money subscribers to make personal retirement contributions up to the age of 50 years.
Money Market Fund – The Money Market Fund allows corporate clients to grow their monthly savings via payroll and direct debit deduction.
That summarises the range of savings and investment plans from Hobbiton’s Patumba. Lets now also look at Kasaka Savings.
Kasaka Savings is an MTN product meant for the Zambian mobile users. The lineup is that MTN partnered with JUMO a software company specialized in mobile financial services platform for mobile network operators and banks. The JUMO platform facilitates digital financial services such as credit and savings in emerging markets by way of USSD short codes.
So JUMO sits in between MTN and Absa to provide savings that suit your needs. Absa is engaged because of meeting the compliance and regulatory issues as a registered financial services provider in Zambia.
Kasaka will help you keep money safe and make it grow though not that much interest. You can add and withdraw money anytime. You get a reard for every month that you dont withdraw.
Which One Should You Invest In
This is an expensive question with a simple answer. On a note Lensesview is not a financial institution that provide advise on the matter but through technology tools we examine products and see how they work.
If you are looking at saving money for future use you can look at Patumba Fund which has a variety of investment needs.
However if you are looking at keeping some money for a rainy day and or emergency, money that you can quickly withdraw at any time to sought out your problems then Kasaka Savings is the right product for you.
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