INQO INVESTMENTS LIMITED
The Mazima Retirement Plan is the trading name of Mazima Voluntary Individual Retirement Benefits Scheme (MVIRBS). It is a retirement savings scheme for low income earners in the informal sector of the economy. The poor and informal workers do not currently have any formal retirement savings schemes. The
Under the Mazima scheme, savings are flexible - the minimum is
By aggregating the small savings, Mazima will be able to get the higher Fixed Deposit (FD) rates that would not be available to the small savers. Current FD rates for 12 months are 12-14% per annum. Mazima will pay Four-One Financials a management fee and roll the balance for further periods. The larger the fund size, the higher the compound interest income. All gains less operational costs will go towards the Mazima savers.
Savers register online and pay through mobile banking or e-banking through the bank. No cash is used. Each saver has his/her own account managed by the custodian bank,
Marketing is done through various channels including presentations at community meetings, social media, mobile messaging and radio.
The primary social metrics that will be tracked is the number of low income earners who start to save for their retirement through the Mazima scheme.
Chief Operating Officer Tel: +27 (0)83 6254069
NEX Exchange Corporate Adviser and broker
Dr Wang Chong Tel: +44 (0)20 7186 9948
'INQO' (www.inqo.co.za) is a South Africa-based social impact company listed on the London NEX Exchange. It makes strategic acquisitions and investments in businesses designed to tackle poverty and provide employment, products and services to the poor in Low Income Countries (LICs).
This information is provided by RNS