Tunzi team
A newly launched mobile-based savings application is set to transform Rwanda’s saving culture by offering seamless, technology-driven solutions that encourages individuals or groups to consistently and voluntarily save based on their spending patterns and financial activities.
According to the FinScope Survey 2024, formal savings in Rwanda grew from 54% in 2020 to 59% in 2024. Yet, 23% of Rwandans still rely on informal savings mechanisms. At the same time, 3% keep their savings at home, while a notable 15% of the population does not save at all.
With advanced analytics and intuitive features, the Tunzi application leverages technology to make saving effortless and engaging. By integrating saving with everyday transactions and providing real-time progress tracking, the mobile application eliminates traditional barriers to saving and empowers users to achieve their financial goals.
Samuel Njuguna
“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,” said Samuel Njuguna, CEO of Moneto Ventures Limited.
The Tunzi application, developed by Moneto Ventures, is one of the fruits of the Rwanda Capital Market Authority’s (CMA) Fintech Regulatory Sandbox start-ups that was admitted in 2023.
In collaboration with BK Capital, a licensed fund manager regulated by CMA, Moneto ensures the security and accessibility of users’ funds.
Siongo Kisoso, Managing Director of BK Capital, emphasized the impact of Tunzi on the savings culture in Rwanda:
“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, and we greatly admire the technological advancements that power this application.”
Siongo Kisoso
Kisoso stated that Tunzi aligns perfectly with the BK Capital mission, particularly through its Aguka Fund, a unit trust fund designed to help Rwandans build their financial future.
“The rise of fintech-driven savings solutions like Tunzi is a testament to the growing appetite for accessible and efficient wealth-building tools,” Kisoso added.
Fintech innovations such as Tunzi could play an important role in bridging existing savings gaps, fostering long-term economic resilience, and advancing Rwanda’s digital financial inclusion, empowering individuals to build sustainable financial habits and bridging the gap between traditional saving methods and digital financial innovation.
For instance, with the ability to save as little as Rwf50 and access funds quickly, the platform caters to a diverse audience, including millennials and self-employed individuals.
“Tunzi is not just a savings app; it’s a technological solution that empowers individuals and communities to build financial resilience,” said Njuguna. “By leveraging technology and making saving enjoyable, we are helping Rwandans secure their financial future.”
The Tunzi application, available on both the Apple App Store and Google Store, enters the Rwandan market alongside other similar but different savings applications such as the “SAVE App” developed by Exuus Ltd, a local financial services company that taps into the existing culture of traditional savings groups (Ibimina).
Big User Questions:
How is interest earned? Funds saved on Tunzi are invested to earn interest issued by the fund manager. The interest accrues daily.
How much can I save? You can save from as low as Rwf50. There is no maximum limit. You can also do subsequent top-ups of any amount at any time to your saving goals.
What does Tunzi charge? Tunzi charges a platform fee equivalent to a fixed differential fee of 2.5% of the interest distributed by the fund manager.
