Nelson Kituuka, the MD of Card Pesa approaches business with a straightforward philosophy: “If you can finance your business 100%, you are not maximizing the capacity of your business. You are not exerting yourself. You should be able to sell more than you can produce. And to be able to sell more than you produce you must have somebody who will lend you that money.” A study by Makerere University’s College of Business and Management Sciences carried out on Small and Medium Enterprises in Kampala points out that while SMEs are able to access credit financing, it is often from…
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Chipper Cash, one of Africa’s fastest growing fintechs this October launched in the United States of America, one of Africa’s largest sources of remittances, with a promise to make sending money back home easier, affordable and more convenient. The news should be a relief to millions of African households who rely on these remittances for all sorts of needs — for the case of Uganda, ranging healthcare, education, social function, general household expenses as well as building, financing business, land purchase and even farming. But for years, an average of about 8.7% of the transaction value has been lost in…
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The education sector in Uganda constitutes at least 5% of GDP. That is the equivalent of UGX 7.4 trillion. So yes schools are big business. And yes, just like many startups in Uganda, schools too fail because of nearly the same reason as many other businesses. Some of these reasons include poor management, inefficient systems, poor cash flow and poor record keeping. “Like any other business, schools need to manage school fees payments, manage teaching and non-teaching staff by allocating the proper amount of workload, as well as monitoring staff attendance,” says Patrick Muhumuza, the Head of SchoolPay Operations Muhumuza…
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Airtel Africa on April signed an agreement under which Mastercard, a leading innovator and global technology company in the payments industry, will invest $100m in Airtel Mobile Commerce BV (“AMC BV”), a wholly owned subsidiary of Airtel Africa plc (the “Transaction”). AMC BV is currently the holding company for several of Airtel Africa’s mobile money operations and is intended to own and operate the mobile money businesses across all of Airtel Africa’s fourteen operating countries. The Transaction values Airtel Africa’s mobile money business at $2.65bn on a cash and debt free basis. Mastercard will hold a minority stake in AMC…
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What is your take on Fintech as far as financial inclusion is concerned? Financial technologies promise to increase efficiency in delivering financial services and promote financial inclusion. Currently, mobile penetration in the country is higher than banking, which provides telecoms with an edge for marketing financial products to their clients through greater reach. The service has been a major driver of financial inclusion in the last decade. Mobile money currently allows the unbanked people to use their phones as a bank account, to deposit, withdraw, and transfer money with their handset. People can also use mobile systems to pay utility…
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Business Risk Management, especially with the challenges imposed by the Covid-19 Pandemic, is one of the areas that have been earmarked as critical for businesses continuity and survival. CEO East Africa Magazine talks to Risk Management Expert, Samuel Gitta about how businesses can weather the storm during this time. With 15 years of experience and a strong bias towards ICT risk management, Gitta currently leads the Risk & Compliance division at MTN Uganda where he serves as the General Manager Business Risk Management and Compliance. He shares how the largest tax payer has kept afloat and managed to post impressive…
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The Office of the Prime Minister has this morning unveiled a citizen fundraising platform aimed at assisting the government of Uganda in mobilising resources and funds from its citizenry and well-wishers to boost the coronavirus fight in the country. Developed by the National Information Technology Uganda (NITA-U), the application utilizes the national electronic payment gateway to collect funds/donations from individual donors. The online system enables anyone with donations from as little as UGX 1,000 to make a contribution at their convenience (using a mobile phone or website). Prospective donors can visit https://covid.pay.go.ug/, to make donations from their mobile phone…
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As many African countries imposed restrictions on social distancing in March, a study shows majority of consumers turned to contactless card payments for necessary purchases. According to Consumer polling by Mastercard, 70 per cent of respondents in the Middle East and Africa say they are now using contactless payment, citing safety and cleanliness as key drivers. Shoppers around the world have had to adjust to social distancing measures and other new challenges when buying everyday supplies for their families and loved ones. Adam Jones, Area Business Head, East Africa “Social distancing does not just concern people; it includes publicly shared…
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HiPipo, through its Include Everyone program recently honoured ‘Kenya’s Bill Gates’ – Kamal Budhabhatti with the Africa FinTech CEO of the Year award. This prestigious accolade was presented to Kamal Budhabhatti during the 2019 Include Everyone Summit and Digital Impact Awards Africa held on 20th September 2019 in Kampala, Uganda and attended by over 300 delegates from across Africa. According to HiPipo CEO, Innocent Kawooya, “the Africa FinTech CEO of the Year award goes to an outstanding Chief Executive/Managing Director who has created or spearheaded cutting edge innovation, a FinTech leader who may have taken a calculated risk and the…
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