6 Fintechs revolutionising Uganda's financial landscape
by Esther Ndagire
In recent years, Uganda has seen a dynamic transformation in its financial sector, driven by a wave of innovative fintech companies. These companies have disrupted traditional banking models and empowered thousands of Ugandans with convenient, accessible, and inclusive financial solutions. In this article, we introduce six influential fintechs that are spearheading this revolution, redefining how individuals and businesses manage their finances in Uganda.
Eversend: All-in-one borderless payments.
Eversend focuses on its customers and their experience. Supporting nine currencies, the company helps its customers build and protect their wealth by providing the financial services they need including payments, wealth, savings, and loans. Eversend aims to make its service affordable and simple, in a bid to ensure that no one is left out of the economy because of the cost or complexity of financial services. Eversend utilises software and APIs to accept payments, exchange
and send cryptocurrencies through mobile money, bank accounts, and crypto.
Xente: The digital account for business
Xente, a neo bank in Uganda, simplifies payments and finance for over 500 businesses by providing them with virtual bank accounts, debit cards, mobile money, and financial management, all embedded in one software platform. Xente’s software automates its clients’ finance operations, integrating mobile money, local and international bank transfers, and other digital value stores thereby increasing transparency.
Numida: Growing African small businesses
Numida provides digital lending and credit financing services to micro, small, and medium-sized enterprises in Uganda and other emerging markets. Numida has issued $20 million in working capital to MSMEs in Uganda and has grown over 7.5 times since raising its seed funding. Instead of borrowing from informal lenders or family, micro business owners download the Numida app, apply in minutes, and receive capital within a day. Numida has a sophisticated credit scoring system that allows for the disbursement of unsecured loans to cash-based businesses with no digital transaction history while maintaining excellent collection rates.
Ensibuuko: Building technology that matters
Founded in 2014 to solve the problem of poor banking infrastructure in Uganda, Ensibuuko helps organisations that manage savings and loans to improve their efficiency by automating their operations. The company specialises in providing financial services to rural communities. Additionally, through “Sente”, Ensibuuko’s mobile banking platform, users in remote areas can access basic financial services such as loans and money transfers. Ensibuuko has played a vital role in promoting financial inclusion among the unbanked population, fostering economic empowerment and resilience.
Xeno: Investing your savings to build your future
Xeno’s investment philosophy is focused on goal-based investment, an approach to help users plan to strategically save and invest their current earnings towards specific financial goals. Xeno has automated the investment advisory process and made professional advice readily accessible to a larger number of people, irrespective of their account size. The company does not have access to the funds, only the user, thereby solely focusing on directing the investments. Xeno users can monitor their investment performance in real time through a sophisticated and user-centred design dashboard.
Zofi Cash: Making every day a payday
Zofi Cash partners with employers to provide salary advances to their employees. The platform has over 500 employers and almost 20,000 employees. Zofi Cash helps its users to apply for salary advances any time of the day, request up to 50% of their monthly net income, and receive the money instantly through mobile money or a bank account following the user’s employer’s approval. Zofi Cash doesn’t require excessive paperwork and helps its users with the financial resources they need in case of an emergency.
These six influential fintech companies are not only pioneers in this movement but also catalysts for change on a grand scale. Through their innovative solutions, they have bridged gaps, democratised access, and propelled economic growth in communities across Uganda. With their unwavering commitment to inclusivity and innovation, these companies are not just shaping the future of finance in Uganda, but also inspiring a generation of entrepreneurs, developers, and innovators to join them in this transformative journey.
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