Eazy Sacco is digitizing Individual and Group Savings. #40Days40FinTechs Season 5, Day 39
A group of Young Ugandans are determined to revolutionize Savings and Investments through a digital platform named Eazy Sacco.
According to Ben Okello Mwaka, the Founder and CEO of this platform, Eazy Sacco is a FinTech solution that concentrates on savings and investments for the unbanked and underserved communities.
“The idea of Eazy Sacco came up in the middle of the COVID-19 pandemic. We had been part of Savings groups that died during this period. So, we thought that we would use technology to make these Savings groups work. Since 2019, we have been working on this product. We officially launched it in 2023. Our platform is accessible through Web and a Mobile APP while works on the USSD alternative are underway,” Mr Okello stated, adding;
“When some accesses the platform, they create an account. Once the account is verified, you can either create or join a savings or investment group. The platform gives you control over your funds and how to access them and also allows you to join more than one group.”
He noted that since 2023, Eazy Sacco has been able to on-board some 20 Savings Groups and currently serving about 1000 active users.
“We have partnered with financial technology companies that offer payment services, so you can transfer money from a bank or mobile money account to your Eazy Sacco account. You can also withdraw money from your Eazy Sacco account back to your mobile money account. One of our partners is Eversend Uganda; a licensed and regulated financial technology organization. In future, we intend to secure our own licenses and setting up our own in-house payment gateways,” Okello noted.
Eazy Sacco has featured on Day 39 of the annual 40 Days 40 FinTechs initiative Season 5.
Run under HiPipo’s Include Everyone program that also encompasses other initiatives such as FinTech Landscape Exhibition, Women in FinTech Hackathon, Summit & Incubator, and the Digital and Financial Inclusion Summit and Digital Impact Awards Africa; the #40Days40FinTechs platform aptly provides a setting for the various players and stakeholders involved in digital and financial technology to exhibit their products and services. It also gives players a platform to share their ideas on how the unserved and underserved by the present financial systems can be brought into the fold.
With over 150 participants in the last four years, #40Days40FinTechs continues to be the world’s premier showcase event for innovations that are enabling underserved populations to join the digital economy space. We know that this can only get better owing to the inspiration and collaboration of our partners; Level One Project, Mojaloop Foundation, INFITX, Cyberplc Academy, Ideation Corner, and Crosslake Technologies. Most importantly, the initiative owes its continued success to the generous support of the Bill and Melinda Gates Foundation.