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The Bank of Uganda has applauded the recent launch of gnuGrid CRB’s Mobile Credit Score as “a momentous occasion in the credit information sharing space” and a “pivotal moment in the financial sector, and specifically in the credit information, sharing space”. The game-changing Mobile Credit Score relies on over 400 alternative data points supplied my mobile phone companies such as client mobile financial behaviour as well as transaction volumes and frequency to create a more comprehensive and inclusive credit score for especially the financially underserved and unserved who only rely on mobile money borrowing. The Mobile Credit Score is the…
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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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The Mobile Credit Score, recently launched by gnuGrid CRB and Airtel Mobile Commerce Uganda Limited (AMCUL), will rapidly close the information asymmetry challenge in bottom-of-the-market lending, enhancing two-way lender-borrower trust and in due course shall reduce the cost of borrowing, Giles Aijukwe, the Chief Executive Officer of Letshego Uganda, one of the leading non-deposit-taking lenders has said. Mr. Aijukwe, who was a panellist at the launch of the Mobile Credit Score, hailed the Mobile Credit Score, the first of its kind as a transformational solution and said that it was mutually beneficial to lenders and borrowers alike. The first…
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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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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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