A Case Study of Zazuu: Why Did It Fail?
Published on: November 30, 2024
Zazuu’s Business Model
Zazuu was a fintech startup based in London, founded in 2018 by Kay Akinwunmi, Korede Fanilola, Tosin Ekolie and Tola Alade. Zazuu enabled international money transfers by creating a marketplace where users could compare remittance rates before choosing a suitable option, to send money to Africa.
Users registered on the app could see remittance and exchange rates from money transfer operators (MTOs) such as MoneyGram, WesternUnion and Pingexpress. After choosing the payment provider with optimal rates, users could then make their transfer directly on the Zazuu app. Post-transfer, users could also track their transactions and request customer support.
The app was based on a modern technology stack, integrating several payment platforms and settlements with MTOs. These promised ease of use and reliable transactions.
As a cross-border remittance platform, Zazuu was built to cater to Africans based in the diaspora who wanted to send money back to their home countries, mostly based in Sub-Saharan Africa. This was a timely intervention as this region has the highest remittance rates. The customer base for this service included migrant workers, IT professionals, expatriates, foreign students and the recipient of the funds.