PesaSave is revolutionizing financial inclusion for Uganda’s unbanked and underserved populations, and it’s making waves as part of the #40Days40FinTechs initiative, now in its fifth season.
On Day 28, the spotlight is on how this innovative platform is helping individuals save towards their life goals, breaking down barriers that have long excluded many from accessing essential financial services.
In Uganda, achieving last-mile financial inclusion requires a concerted effort to focus on those who have been left behind. This means ensuring equitable access to financial services for all, especially the unserved and underserved.
While several innovators have emerged with solutions aimed at democratizing savings and borrowing, the journey is far from over.
One standout player in this space is PesaSave, a platform designed specifically to empower those at the bottom of the economic pyramid.
Steven Emalu, the Co-Founder and Team Lead at PesaSave, shared the inspiration behind the platform: “In 2022, my colleagues and I faced significant hurdles when we attempted to access credit from a bank. The extensive paperwork, demands for business data, and collateral requirements effectively locked us out. This experience motivated us to create a platform that offers an alternative for the unbanked and underserved.”
PesaSave is tailored for the youth and those in informal sectors, allowing users to set specific financial targets and save towards them.
Emalu explains, “At PesaSave, we build financial technology solutions for the underserved and unbanked populations. Our application is user-friendly, enabling individuals to save without the need to travel to a physical bank. Transparency is key; users can easily track their savings.”
The platform also facilitates group savings, where individuals in informal sectors come together to save collectively. Emalu elaborates, “These groups can meet their goals and access credit through their savings. We are creating an alternative to traditional credit systems, which often exclude these groups.”
Both individual and group savings options are available, with the added benefit of affordable credit against savings.
“When a group saves, individual members can access part of these savings as credit, with terms determined by the group itself. While there’s no collateral required, borrowers must have guarantors,” Emalu notes.
Currently, PesaSave serves about 28 groups and over 600 individuals, demonstrating its impact on the community.
To enhance its services, PesaSave has partnered with licensed operators like PayTota for payments and collections. Emalu reveals exciting plans for the future: “Before the end of the year, we will have a commercial bank partner to further improve our offerings.”
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