MFIs Archives – CEO East Africa

FutureLink Technologies And gnuGrid CRB launch the First SACCO Industry Dashboard and Credit Score in Uganda

Paul MurungiCompany News News & AnalysisMay 29, 2024May 29, 2024

FutureLink Technologies and gnuGrid CRB have launched Uganda’s first Savings and Credit Cooperative Organization (SACCO) Industry Dashboard and Credit Score. The innovative Dashboard allows SACCOs and Microfinance Institutions (MFIs) to refine their growth strategies and develop relevant financial products by utilising real-time industry data. Additionally, the SACCO Credit Score, created in partnership with gnuGrid CRB, streamlines the lending decision process for SACCOs and MFIs. At the launch, held on May 24th at Grand Global Hotel in Kampala, the Bank of Uganda Executive Director of Finance, Mr Richard Byarugaba note that, the SACCO Dashboard facilitates real-time industry comparison while ensuring data…

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Digital thieves hit UGAFODE Microfinance; make off with UGX400 million

Muhereza KyamuteteraBanking & Financial Services News & Analysis The Big StorySeptember 19, 2022June 7, 2023

UGAFODE Microfinance Limited, one of five licensed micro deposit-taking financial institutions (MDI) in Uganda, has been hit by digital fraudsters, making off with an amount said to be about UGX400 million before, the bank moved in and shut down the suspicious accounts used to carry out the fraud. An insider at the bank who spoke to CEO East Africa Magazine, on condition of anonymity said the fraudsters, strongly believe to be either insiders or working with insiders, used ‘doctored’ Know-Your-Customer (KYC) documents to open seemingly legitimate bank accounts, which were then credited from the inside and money was then withdrawn…

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