Uganda is embracing the digital age, and the fintech sector is growing rapidly, transforming how people access financial services. At the forefront of this change is MTN Mobile Money (U) Ltd (MTN MoMo), a leader in mobile financial services that is making it easier for Ugandans to engage with their finances. MTN MoMo offers a wide range of services, including a robust credit ecosystem that enhances financial access and supports economic growth across the country. Through partnerships with respected financial institutions like NCBA, KCB, PostBank Uganda, and Jumo, MTN MoMo has brought to the customers several innovative products—such as MoKash,…
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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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In just four months after its launch, PostBank Uganda’s digital wallet, Wendi has hit a record UGX200 billion in payments to over 200,000 Parish Development Model (PDM) beneficiaries countrywide. According to statistics released by the company, this record has been facilitated by Wendi’s robust network of PostBank payment platforms as well as those of its bank partners and mobile money companies. “Since its launch in November 2023, Wendi has onboarded more than 430,000 subscribers and over 2,000 agents countrywide. These agents are complemented by the numerous touchpoints of our partners; MTN Uganda and Airtel Uganda, who have over 250,000 agents…
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MTN Uganda, and Centenary Technology Services (Cente-Tech) have reaffirmed their resolve to work together to promote equity and inclusivity in basic digital services and skills, particularly for women, youth, and the rural poor. During a meeting today, May 11th 2022, Cente-Tech’s Peter Kahiigi and MTN Uganda’s Sylvia Mulinge agreed to work together to leverage technology to make access to basic services like healthcare, education, and financial services widely accessible, as a critical means to empowering disadvantaged communities across Uganda and agreed to collaborate towards this goal. They also committed to sharing expertise, resources, and technology to achieve this shared goal….
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For starters, tell us about Emata Uganda. What is it about? Emata is a Ugandan fintech and licensed micro-finance institution. The company leverages technology and partnerships with agricultural cooperatives to offer farmers affordable, digital financing. In place of collateral requirements, the company creates alternative credit scores based on data points like a farmer’s delivery history. Emata encourages farmers to grow their farms into a business and invest in a productive future. We are disrupting the USD240 billion farmer financing opportunity in Africa. Globally, smallholder farmers struggle with financial exclusion. However, nowhere is the funding gap as big as in Africa:…
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Service Cops, one of Uganda’s leading Financial Technology and Business Processes Outsourcing (BPO) firms and Ethiopia’s Awash Bank have reached another milestone agreement to expand their digital-strategy support partnership started in April last year. Awash Bank is the largest privately run bank in Ethiopia with a chain of over 800 branches and serving more than 12 million people in the Ethiopian Market. On the 25th of April 2022, the duo entered into a partnership for Service Cops to roll out its one-of-a-kind School Suite solution. Eventually, other products would follow. Following the successful rollout of School Suite, the parties have now…
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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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Hardly 6 months after laying off some 300 people in June 2022, Wave Mobile Money Uganda Limited is set to lay off more people, CEO East Africa Magazine can exclusively reveal. We have learnt from impeccable sources that despite reassuring the market, that the June 2022 move was to “narrow and sharpen focus” and that the payments company was “here to stay for the long-term and would continue to offer free deposits, withdrawals and charge 1% on transfers” Wave will on Thursday 17th 2022 shave off another significant chunk of staff. The move will leave the company to a bare…
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Goldmine Finance, a licensed tier IV micro finance and ioTec Limited, a financial technology firm and software development company have entered into a partnership to catalyze the micro lenders next phase of growth. To kickstart the partnership, ioTec has enabled Goldmine Finance to launch, the first of many digital products that will come under this partnership— a micro credit platform dubbed the Goldmine Mobile Loans. The product, according to Alan Tayebwa, the Chief Executive Officer of Goldmine Finance, has been designed to “give better, faster, and efficient service to both new and existing clients.” According to Tayebwa, for businesses –…
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Can you start by telling briefly who is Service Cops? Service Cops is a regional Financial Technology and Business Processes Outsourcing solutions provider. Having been incorporated over ten years ago, Service Cops has grown to be one of the leading FinTechs in the region. Service Cops partners with over 16 commercial banks, 5 major telecoms, over 10,000 education institutions and several payment aggregators to deliver a stack of solutions in the banking and financial services, insurance and education sectors across the region. To put our solutions in context, over three million customers in the banking and financial services sector alone…
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