A group of young Ugandans is on a mission to transform the savings landscape with their innovative digital platform, Eazy Sacco. This FinTech solution aims to empower the unbanked and underserved communities by making savings and investments more accessible.
According to Ben Okello Mwaka, the Founder and CEO of Eazy Sacco, the inspiration for the platform emerged during the COVID-19 pandemic. “The idea of Eazy Sacco came up in the middle of the COVID-19 pandemic. We had been part of savings groups that died during this period. So, we thought that we would use technology to make these savings groups work,” he explained.
After years of development, the FinTech officially launched in 2023, providing users with a platform accessible via both web and mobile applications, with USSD options in the pipeline.
Once users access the platform, they can create an account, which upon verification allows them to either create or join savings or investment groups. “The platform gives you control over your funds and how to access them and also allows you to join more than one group,” Mr. Okello added.
Since its launch, Eazy Sacco has successfully onboarded approximately 20 savings groups and currently serves around 1,000 active users.
Eazy Sacco has also formed partnerships with various financial technology companies to enhance its service offerings. “We have partnered with financial technology companies that offer payment services, so you can transfer money from a bank or mobile money account to your Eazy Sacco account. You can also withdraw money from your Eazy Sacco account back to your mobile money account,” Okello noted.
One of their key partners is Eversend Uganda, a licensed financial technology organization. Looking ahead, Eazy Sacco plans to secure its own licenses and establish in-house payment gateways.
This initiative was featured on Day 39 of the annual 40 Days 40 FinTechs initiative, which highlights innovative financial technology solutions in Uganda.
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