Tuesday, November 15, 2016 

AinFin starts service for Ugandan clients

EFFICIENT: Dr. Braun (left) said AinFin fills a significant market gap by offering global multi-currency transactions.

KAMPALA, UGANDA - E-money provider AinFin, has started a partnership with Ecobank to launch its services SWIFIN across the African continent starting with Uganda writes PAUL TENTENA.

“Boosting client reach for established financial players and enriching the lives of millions of unbanked end users,” Dr. Joy Braun, Chief Executive and Co-founder AiFin said last week.

The partnership will boost economic activity by providing financial liquidity and a democratized banking service to the 84% of the population in remote unbanked communities.

Dr. Braun said the SWIFIN  product will deliver cost efficient, effective and secure manner, working with, rather than in competition with banks to develop a system that benefits all.

She said Swifin has an important role to play in addressing the development challenges of many emerging markets, filling a significant market gap by offering global multi currency transactions capability.

Within the first year, Aifin aims to reach almost one million users, with a particular focus on reaching the 77% of the population in Uganda without access to financial services.

The service will support a global push involving businesses, financial institutions, governments, the United Nations and community leaders to scale up access and help alleviate poverty, boost job creation and directly help disadvantaged people manage risk and absorb financial shocks.

Fred Okumu, the SWFIN Uganda Managing Director said the current reforms in Uganda are expected to boost and expand the reach of banks in the country, using financial e-money products such as Swifin.

Ecobank is at the forefront of this reform and is actively using mobile banking technology in Nigeria, Ghana, Cote D Ivore, Kenya and Tanzania.

The service will enable consumers to receive payments from third parties, manage their finances and execute digital payment transactions with merchants or individuals, in real time.

AinFin say the transactions are enabled via multiple channels to allow financial inclusion, making the product attractive and a compelling proposition for many emerging market countries with inefficient payments systems, such as that in Africa and most of Asia.

By Paul Tentena, Tuesday, November 15th, 2016