A recent study of 1, stomach http://cfmasv.com/wp-content/themes/construct/lib/shortcodes/25-maps.php 500 poor people in Uganda showed that 99 percent of respondents failed to reach their savings goals when using informal methods, http://context-beermann.de/templates/context_beermann/warp/systems/joomla/layouts/com_weblinks/category/default_items.php either because the money was stolen or lost.
Others didn’t succeed because they were too tempted to spend the money when it was stored as cash in their home.
And it is estimated that 3 out of 4 adults in developing and middle income countries don’t have bank accounts.
Those who have bank accounts are now worried as banks, the latest being Crane Bank, are being taken over by the Central Bank for being undercapitalized.
Now, in what appears a strategic move to revolutionarise the saving culture among rural people, Eco Bank has sealed a deal with AirSave and U.S.-based Advisor Insights Inc that will see Saccos keep their money on mobile phones.
Airsave is a Ugandan startup that came up with the innovation of bringing all unregistered SACCOs in Uganda and mobile phone users to one single digital Sacco called Airsave Digital Sacco.
In this case, “the unbanked and mobile phone users can open up saving accounts, borrow, earn interests and commission,” said the initiative’s founder, Henry Damulira.
“The service provided can be accessed using any type of a mobile phone without using internet anywhere in Uganda by just dialing *270*30# either on Airtel network or MTN network in order to access Airsave digital platform,” he added.
To enjoy this service, one must be registered with Airtel money or Mtn money and have Airtime that is not in bundles at all time to access the *270*30# code.
He explained that Airsave is a financial technology company(FIN TECH) that provides a secure digital platform that links up mobile phone users to Airsave saving and credit cooperative (Digital SACCO) in partnership with ECOBANK ltd where registered members on the platform can save and borrow money using their mobile phone as a solution towards eradication of poverty in communities.
Damulira told ChimpReports that the Company was registered and incorporated in 2013 to provide a “secure digital financial technological solution to help the unbanked and Sacco groups be linked to Banks via Airsave platform in order to bridge the gap between banks and unbanked using a mobile phone as a solution to eradicate poverty.”
The innovation has since received support from the ICT Minister Frank Tumwebaze.
Airsave won the Uganda Startup Cup 2016 and came second in the Africa Startup Cup 2016 held in Accra, Ghana.
The organisation took the 4th place at the World Startup Cup 2016 held in Washington DC, United states.