iSOKO is making waves in the world of informal cross-border trade, supporting over 80,000 traders across Africa. This innovative platform is transforming a traditional sector that has long been a lifeline for millions, particularly women and youth.
Informal cross-border trade is one of the oldest forms of commerce in Africa, providing essential income for countless individuals. According to research from the African Development Bank (AfDB), this trade is vital for economic survival, especially in border towns like Malaba, Busia, and Elegu in Uganda.
However, traders face significant hurdles, including a lack of market information, unreliable payment systems, and the threat of counterfeit currency.
Rogers Mwesigwa, the ICT Technical Assistant for iSOKO, sheds light on the platform’s inception: “In 2016, Trademark Africa conducted research on why informal women cross-border traders were losing a lot of money while conducting their business. This research revealed that the women traders were losing money due to lack of market information. That is how iSOKO came about—with ‘i’ standing for digital or internet and ‘Soko’ meaning shop. So, iSOKO simply means a digital/online shop.”
The platform has evolved significantly since its launch. Mwesigwa explains, “iSOKO not only provides traders with information but also includes a market module that allows them to display and sell their products from anywhere.”
Currently operational in Uganda, Kenya, Tanzania, Rwanda, and Burundi, iSOKO aims to expand its reach across Africa, enhancing trade opportunities for users.
The iSOKO app, available for download on Google Play, offers a user-friendly experience. After registration, traders can post their products, receive notifications from potential buyers, and engage in negotiations through an in-chat feature. The app also supplies crucial market information, daily exchange rates, and a tax calculator to streamline operations.
With over 80,000 users already on board, Mwesigwa anticipates that this number will grow to approximately 120,000 by the end of the year.
“When we started this platform, we focused on women. So, the majority of the traders on the platform are women. However, we know that trade is not a one-sex affair, so we also onboard male traders,” he adds.
iSOKO has featured on Day 33 of the annual 40 Days 40 FinTechs initiative Season 5.
Related: SchoolPal is using Tech to improve school payments
