Monetix recently launched emerging technologies in Uganda with a local partner CapitalSavvy to support startups and entrepreneurs with easy access to credit facilities on smartphone-enabled applications.
Monetix is a Swiss-based FinTech and brokerage company that provides advanced support to small and medium enterprises with finance solutions enabling business owners to stay afloat with soft loans disbursed through mobile money. The innovation is key to the growth of such businesses since it cuts down on traditional banking charges, numerous trips to the bank to make deposits or draw funds. The functionality seen with this unique technology comes to play when customers can interact directly with their mobile phone or through their desktop PC and have easy access to financial services.
Since everything is done online, Monetix encourages customers to upload the necessary documentation such as government IDs and clear passport photos for faster loan appraisal, approval, and final disbursement of funds. This digital solution aligns with the widespread use of mobile money that has swept across Africa in the last ten years. The partnership provides seamless business financing through mobile loans.
Monetix & CapitalSavvy enter Partnership
This solution is only possible through the combination of cutting-edge European technology developed by Monetix and local expertise provided by CapitalSavvy. CapitalSavvy has been in the financing and credit business for over 7 years and working with Monetix over the past 2.5 years. CapitalSavvy’s CEO Reginald Tumusiime highlighted: “I am thrilled to further expand the partnership with Monetix to revolutionize the local lending market. We understand the borrowers, their daily pains, and the market, while Monetix is an experienced software provider and financing partner. Together we will be able to provide swift access to affordable capital.”
The majority of the African population does not rely on traditional banks. Instead, the population increasingly uses mobile money or alternative digital cash solutions.
Monetix’s CEO, Patrick Prinz, said, “What we bring to the table as partners is the technology which allows for a much more efficient transfer of finances, as well as a source of funding which is seeking a combination of yield and social objectives. We are starting small, but are anticipating significant demand over the years to come.”
In Uganda, Small and Medium Enterprises account for nearly 90% of overall businesses, which creates a further employment chain estimated to represent a 40% annual contribution to GDP.
The Solution for Africa’s Financial Inclusion
The eagerness for digital solutions to finance and payments in Africa greatly inspires Monetix as the company believes it will help leapfrog large parts of the continent and contribute to financial inclusion.
The adoption of 3G/4G and the rise in smartphones users in Africa have opened up new opportunities and access to mobile banking services. Another encouraging trend in the African market is that customers are more appreciative of mobile lending and banking and are much more open to trying innovative ways of payment.
Financial technology is a vibrant sector in Uganda, where innovations continue to bring efficient achievements in routine business transactions to the general population.
Monetix is determined to realize the full potential by empowering micro-lenders and SMEs through promoting technology, investments, and education. The motivation of the company is to support the digitalization of the financial sector resulting in the ease of trade and doing business for its clients and Ugandan people.
Monetix strongly believes in local partnerships. “Think global but act local” is deeply embedded in its DNA and the founders vision. Monetix is looking forward to further expanding the partnership with CapitalSavvy in the years to come.