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Tuesday, 01 December 2015

Accion to Expand Mobile Money to Rural Uganda

Accion, the global innovator in expanding access to financial services and economic opportunity in emerging markets, said today that it will help rural Ugandans open formal savings accounts, receive business loans, and access many other financial services that they need to build better lives through its new partnership with UGAFODE Microfinance Limited (“UGAFODE MDI”), one of the fastest growing microfinance institutions in Uganda today. Working alongside the local entrepreneurs who helped found UGAFODE MDI as well as current investors Uganda Agency for Development Limited, Access Africa Fund (a MicroVest-managed fund), and Fonds Europeen de Financement Solidaire pour l’Afrique, Accion will invest roughly UGX 4.8 billion into the new partnership, which will focus on digital financial services, notably agent banking, and mobile money services that are tailored to support farmers, businesses, and communities excluded from Uganda’s formal economy. “Millions of Ugandans lack basic ways to build savings, start a business, or build a home,” said Accion CEO and President Michael Schlein. “UGAFODE MDI has made great strides to address that, but we believe that, together, we can do much more, and have an even greater impact across Uganda. To do so, we will deploy digital applications to extend savings and other financial services to rural Ugandans, where most people work on farms or raise their own crops to earn a living.”

Source: StarAfrica