Informal savings and credit unions in Uganda are changing the financial space, especially in rural areas. They are boosting financial inclusion in the regions where people don’t have access to formal banks to manage their finances. “75% of Ugandans rely on these organizations to meet their daily financial needs,” according to Finscope 2018 Survey Report.
As these groups prosper in Uganda, technology is destined to play a critical role in their continued growth. The adoption of digital systems can speed up their growth and enable them to offer their services in a faster and safer manner.
In the spirit of the development and progress of these groups, we are hosting a groundbreaking event today bringing together our partners and stakeholders. The focus of the event will be to foster financial inclusion in Uganda by enabling credit unions through the Wakandi App – our digital financial system for credit unions to manage member financials easily and effectively. The system digitizes day-to-day operations for better transparency, accountability, and security. This event aims to be a catalyst for a positive change towards the growth of digital financial inclusion in Uganda with Wakandi.
We, at Wakandi, believe that financial inclusion is not just about opening a formal account, it is about providing tools, technology, and resources so people become more capable of meeting their financial needs.
Progressing with our belief, we are happy to announce that we are signing a Memorandum of Understanding (MoU) with the Ministry of Trade, Industry, and Cooperatives and Hunger Project Uganda. This MoU will establish a strategic working relationship to enable smooth operations for us in Uganda.
Furthermore, our event will explore the best possibilities to ensure Ugandans live in a more inclusive financial world. This can’t be done without the invaluable support of our esteemed guest organizations:
The event will begin with the arrival of our esteemed guests with a welcome remark followed by the speech of Mr Paul Kiwanuka, Country Director at Wakandi Uganda Ltd. The event will then be graced by the inspiring words of the Honorable Minister of State for Cooperatives, Mr. Freddrick Ngobi Gume.
Following the speech, we will invite Mr Espen Kvelland, CEO at Wakandi Group AS, to address the audience and talk about bringing transparency and fostering growth in the informal sector and how this partnership with the Ministry of Trade, Industry, and Cooperatives and Hunger Project Uganda will enable our organization to achieve this.
After this, our guest of honour, Mr. Ole Reidar Bergum, Deputy Ambassador of Norway to Uganda will be invited to grace the audience.
The speech will be followed by the MoU signing ceremony to mark the beginning of our empowering partnership.
This event will be a celebration of a commitment to transformation and a belief that by working together, we can build a financial world that includes everyone. We extend a warm welcome to all the stakeholders and attendees who are joining us at this event. Together, we strive to bridge finance and technology for the credit unions and create a future where everyone can thrive.