Challenge
Access to financial services, including secure efficient banking, is critical to reducing poverty and stimulating sustainable economic growth. Approximately 95% of Uganda’s citizens have limited or no access to banking services. This sector of the population referred to as the unbanked and under-banked is prevented from accessing financial services because of limited physical bank infrastructure and lack of access to electronic infrastructure such as mobile phone banking.
Description
Mobile banking has the potential to increase the efficiency of payment systems, reduce reliance on cash, and broaden access to financial services by increasing accessibility and lowering the cost of offering formal financial services. MushanApp deploys the latest in mobile financial technology to unbanked/under-banked people. This unique platform is the catalyst that enables the creation of cheap, efficient, transparent, and corruption-free payment systems.
Outcomes
Enabling financial inclusion for the unbanked and underbanked populations in Uganda, promotion of a savings culture amongst vulnerable communities, and enhancement of economic empowerment and growth through digital finance solutions.
