Rwandans can now save as little as Rwf50 on their mobile phone thanks to a new platform that was developed by Moneto Ventures. The new platform, dubbed Tunzi, leverages behavioral psychology and gamification to promote savings culture. The platform is set to change the way Rwandans save by offering seamless, technology-driven solutions that encourage consistent financial habits, according to Moneto Ventures. With advanced analytics and intuitive features, Tunzi leverages technology to make saving effortless and engaging. For instance, the application prompts users to save based on their spending patterns and financial activities. The platform has features like leaderboards, challenges, and group savings modules that enhance user experience and community engagement. At the same time, users can set personal and group goals and monitor their progress in real-time. 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. “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. According to the CEO, Tunzi’s launch in Rwanda follows months of rigorous testing in which the company says it has received overwhelming interest from individual savers and institutions. “Since its admission into the Rwanda Capital Market Authority’s (CMA) Fintech Regulatory Sandbox in 2023, Tunzi has experienced an unprecedented surge in customer acquisition, surpassing initial projections and demonstrating strong market demand for innovative savings solutions,” the company said in a statement. In collaboration with BK Capital, a licensed fund manager regulated by the Rwanda Capital Markets Authority (CMA), Moneto ensures the security and accessibility of users' funds. This partnership, the company says, enhances trust and credibility within the Rwandan market. Siongo Kisoso, Managing Director of BK Capital, emphasised the impact of Tunzi on the savings culture in Rwanda, highlighting that it has potential to revolutionise 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,” he noted. “Tunzi aligns perfectly with our mission at BK Capital, particularly through our 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.” Promoting saving culture Tunzi’s launch is in line with Rwanda’s long-term vision to enhance financial inclusion and boost national savings rates. While progress has been made, significant gaps remain. According to the FinScope Survey 2024, formal savings in Rwanda grew from 54 per cent in 2020 to 59 per cent in 2024. Yet, 23 per cent of Rwandans still rely on informal savings mechanisms. At the same time, 3 per cent keep their savings at home, while a notable 15 per cent of the population does not save at all. Although digital finance has helped narrow the gender gap in some areas, disparities persist in the adoption of more complex formal financial products, including credit, insurance, and long-term savings or investment vehicles. Fintech innovations such as Tunzi can play an important role in bridging these gaps, fostering long term economic resilience. Tunzi supports Rwanda’s broader vision of advancing digital financial inclusion and empowering individuals to build sustainable financial habits.
