from HASSAN ONYANGO in Kampala, Uganda
Uganda Bureau
KAMPALA, (CAJ News) – POWERED by the local fintech company, Ensibuuko, efforts to bridge the gender divide in digital and financial access in Uganda have received a major boost.
This is in partnership with Care, the international humanitarian organisation.
Through this arrangement, Ensibuuko will acquire Care’s proprietary Chomoka application, a digital solution for savings groups.
Speaking on the recently-signed partnership, Christian Pennotti, Chomoka founder, by combining Chomoka’s user-centric design, Ensibuuko’s proven business model, and Care’s Village Savings and Loan Association (VSLA) network, the combination had the potential to unlock access to financial and digital inclusion for an unprecedented number of savings groups and underserved communities.
“We are convinced that Ensibuuko is the right partner for Care,” said Pennotti, who is also Care’s Managing Director for Women in the Digital Economy Fund project.
Chomoka allows users to streamline VSLA group management and build digital skills.
Chomoka was part of a collaboration between Care, the Tanzanian technology company, IPF Softwares and San Francisco-based Exygy.
According to officials, this has ultimately led to a solution serving over 80 000 users across five countries in the continent.
Ensibuuko operates a suite of digital and financial products for savings and lending collectives, including a cloud-native microfinance banking platform for credit unions and a mobile application for savings groups.
In 2022, it received a microfinance banking license in Uganda and now provides digital loans to savings groups.
With 150 credit unions and 7 500 savings groups in Uganda and Malawi active on its platforms, Ensibuuko serves just over 500 000 users.
“The collaboration with Care is a monumental one for the savings groups industry,” noted Gerald Otim, Founder and CEO of Ensibuuko.
– CAJ News