In the ever-evolving world of financial technology, one company is making waves in Uganda’s digital payments landscape. MoneySent, a financial technology startup, is leveraging cutting-edge technology to provide seamless money transfer and payment solutions to its growing customer base.
“Gone are the days when people struggled to send and receive money,” says James Mukasa, Founder and CEO of MoneySent. “Digital Financial Services have reduced most of these inconveniences as people are now able to send and receive money on their phones, in the comfort of their homes, offices or wherever the transaction finds them.”
MoneySent’s mobile application allows users to register and submit their KYC (Know Your Customer) documents, after which they can transact with ease. The platform supports various payment methods, including mobile money, bank transfers, and a network of agents spread across the country.
“We have integrated our system with different payment gateways, so someone can deposit money on to MoneySent through mobile money, bank transfers and through our agents spread across the country,” Mukasa explains. “When someone sends you money, you can receive it directly through the Money Sent account if you have our account. If you don’t have our account, it can be sent directly from MoneySent to mobile money. You can also withdraw through a bank account or our agents.”
With close to 1000 agents and over 10,000 customers served in the past 3 years, MoneySent is making significant strides in the Ugandan market. However, Mukasa notes that the company’s growth has been limited by cash constraints, which have hindered their service rollout.
In addition to facilitating transactions, MoneySent also supports payments for utilities, Pay TV, and taxes, among other services. As a startup in the FinTech space, MoneySent faces challenges such as unfair regulations, high charges, and cybersecurity threats. Currently, the company operates under the Bank of Uganda sandbox while working towards securing its license.
MoneySent’s innovative approach to digital financial services has not gone unnoticed. The company has been featured on Day 35 of the annual 40 Days 40 FinTechs initiative Season 5, highlighting its impact and potential in the Ugandan market.
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