The recently launched Mobile Credit Score by gnuGridCRB and Airtel Mobile Commerce Uganda Limited (AMCUL) promises to further unlock access to credit for the vast majority of Ugandans in the informal sector, including agriculture which employs the largest proportion of Ugandans, Wilbrod Owor, the Executive Director of Uganda Bankers Association (UBA) has said. Speaking at the launch of the groundbreaking solution, Mr. Owor said that using alternative data to aid decision-making in lending would scale up access to credit for those who need it most. “I’m very excited. Today’s launch of the Mobile Credit Score, speaks to impact. It is…
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Moses Ogwapus, the Commissioner of Financial Services, Ministry Of Finance, Planning And Economic Development has hailed gnuGrid and Airtel Mobile Commerce Uganda Limited’s Mobile Credit Score as an “innovative mobile credit scoring system” and a “paradigm shift” that would revolutionise financial services to the underserved segments of the population, especially the women and youth. Mr. Ogwapus whose department oversees policy and regulation of the entire financial services sector in Uganda⏤ banking, microfinance, digital financial services, capital markets, insurance and retirement benefits, was speaking at the launch of the service on January 24th, 2024, at the Kampala Serena Hotel. “The…
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To reduce poverty and promote economic growth through affordable and quality financial services, the government of Uganda through the Uganda National Financial Inclusion Strategy (NFIS) II (2023 – 2028), seeks to increase access to formal financial institutions (banks, non-banks, including mobile money) from 66% in 2021 to 75% by 2028 as well as increase private credit bureau coverage from 6.9% of adults in 2019 to 15% by 2028. The strategy was developed by the Bank of Uganda and the Ministry of Finance, Planning and Economic Development, with funding from the Bill & Melinda Gates Foundation, through the Financial Sector Deepening…
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It was the famous personal finance guru, Robert Kiyosaki, of the “Rich Dad Poor Dad,” book fame, that coined the “Other People’s Money (OPM)” mantra, advancing that, to turbocharge growth, one need not rely on their own money alone. He advanced, that with masterful utilisation of “OPM” one didn’t have to wait for their savings to grow, but rather they could leverage funds from external sources to quickly grow. “By understanding how to make money using other people’s money,” Kiyosaki says, “you can make the leap from employee to business owner or professional investor.” It is particularly even easier for…
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Airtel Uganda, the second largest telco, on March 4th, released its very first post-listing results, showing that for the first time in five years since 2019, it made an 8.8% drop in net profit⏤ from UGX 326 billion in 2022 to UGX 297 billion at the end of 2023. This is UGX160 billion short of the UGX457 billion the company promised prospective IPO investors during its listing drive in late 2023. This 8.8% drop, the company, said was ” impacted by an increase in the site running costs due to an increase in rental and energy costs on the additional…
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Public and private sector stakeholders as well as development partners, in Uganda’s financial services ecosystem, have welcomed GnuGrid CRB and Airtel Mobile Commerce’s Mobile Credit Score as a significant milestone in the journey towards unlocking the transformative power of digital financial services in extending especially credit to the largely unbanked potential borrowers at the bottom of the pyramid. Speaking at the launch of the mobile credit scoring system on 24th January 2024 at Kampala Serena Hotel, Moses Ogwapus, the Commissioner of Financial Services at the Ministry Of Finance, Planning And Economic Development and the guest of honour at the launch,…
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GnuGrid CRB, Uganda’s first and only indigenous credit reference bureau to be licensed by the Bank of Uganda and Airtel Mobile Commerce Uganda Limited, a provider of affordable and secure financial services in Uganda have today unveiled Uganda’s first-ever mobile credit scoring system. Aptly named, Mobile Credit Score, the solution has been developed with the support and regulatory guidance from the Bank of Uganda and the Uganda Microfinance Regulatory Authority. Unlike the traditional and more conservative credit reports available on the market today, which rely only on credit history supplied by regulated financial institutions, the more innovative and proactive gnuGrid…
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Airtel Mobile Commerce Uganda Limited (AMCUL) will continue to send money to other networks in Uganda, East Africa and the world, for as low as UGX100, following the fintech’s decision to maintain, for good, a price-cutting campaign it launched in December 2022. In a media statement, Airtel Money said it would maintain the reduced transaction charges announced last year, in the #PakaKuGround drive, which cut rates by up to 95%. Japheth Aritho, the AMCUL Managing said that the move was aimed at addressing affordability challenges as well as enhancing interoperability, as the fintech moves to enhance digital financial inclusion. …
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Airtel Mobile Commerce Uganda Limited (AMCUL) the mobile money and digital payments arm of Airtel Africa Plc needs to overhaul its outdated mobile money system to a more dynamic and secure system if it is to avoid repeated hacks in which billions of money have been stolen- an ICT and Cyber Security expert familiar with the AMCUL system has told CEO East Africa Magazine. The expert was commenting on the recent “Root Cause Analysis Report” shared by AMCUL’s Chief Executive Officer, Mr. Japheth Aritho Kinyua with the CEOs and the ICT/Cybersecurity Committee of the Uganda Bankers Association (UBA). According to…
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After the 27th October 2022, digital fraud incident in which a number of banks lost several billions of shillings from their Airtel Money Wallets (OVAs) held at Airtel Mobile Commerce Uganda Limited (AMCUL), the mobile money company has spoken out, explaining how the incident happened. According to a very confidential letter to the Chief Executive Officers of Financial Institutions that belong to the Uganda Bankers Association (UBA), written by Mr. Japhet Aritho Kinyua, the AMCUL Chief Executive Officer, the heist was carried out by fraudsters with “detailed knowledge about the highly confidential configuration of the integration with partners” which they…
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