Ensibuuko exists to equalize access to financial services. We are providing banking solutions to financial services entities unique to Sub-Saharan Africa. We have current operations in Uganda and serious interest in licensing deals from Ghana, Nigeria and Tanzania. There are major issues in the financial services sector in Uganda: Banks are concentrated in major towns, Services are expensive and loans have interest rates of not less than 24%. It is part of the general problem of poor and expensive financial services infrastructure in all of Africa. Instead of working with banks, most people will prefer a Savings and Credit Cooperative (SACCOS), similar to a Credit Union. These institutions provide banking services for 18M out of 35M population in Uganda. SACCOs take deposits from members and then make loans at more reasonable rates, which is good; but their infrastructure is not very good. Cash is stored in a lockbox, transactions are recorded on paper ledgers; money gets lost, transactions may not get recorded, ledgers disappear and money gets stolen. Ensibuuko is providing SACCOs with modern electronic banking infrastructure. Our software is cloud-based and we have created a solution that allows for web services even in rural areas with poor telecom infrastructure. The software is also integrate to the mobile phone network. This allows users to access their account via mobile phone — they can check the balance, make deposits and withdraw. This improves access and transparent
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