A financial technology company called Zazu has been awarded Principle Membership from MasterCard to accelerate its vision to provide accessible and affordable financial services to a wider clientele.
Zazu will be licensed to issue MasterCard payment membership without requiring the support of a third party such as a bank or large financial institution.
Zazu chief executive officer Perseus Mlambo said the license will enable the company to provide quicker and convenient service delivery to customers at a relatively lower cost.
We are incredibly pleased to receive this status as it brings us that much closer to our goal of making money simple for everyone,Mr. Mlambo said.
Mr. Mlambo stated that the Principal Membership also democratizes the payments systems landscape by allowing smaller financial services companies to independently acquire and issue cards without the restrictions and additional bureaucratic processes that come from depending on larger institutions.
He added that the Membership also grants the company power and ownership of its own products and services, allowing it to have more control over delivery, style and quality of everything from end to end.
By reducing dependencies on external parties, we are increasing the strength of our proposition, so this Principal Membership is a very welcome achievement.the CEO said.
And to be the first non-bank to achieve this is even more special.
Furthermore, MasterCard Zambia country manager Vincent Malekani said the partnership with Zazu will lead the transition to digital payment by enabling access to customers for online and in-person payments across the globe without the costs and risks associated with cash.