Women Prioritized As SafeBoda Extends Credit To Merchants

Posted by: Kyeyune Andrew Jonathan in Business July 26, 2021

SafeBoda started off initially as a ride-hailing App, however, it has initiated a move through which it will enhance women’s inclusion and also support their business growth.

The company plans to give out working capital loans to its merchants to enable them to expand their businesses.

According to Tim Jamieson, the company VP of Payments and Financial Services, they will soon launch a pilot program for working capital loans.

In the meantime before their launch, the company will be waiting for its National Payments Systems (NPS) license from the Bank of Uganda.

Since its launch, SafeBoda has evolved continuously from a mere App for boda-boda rides to include other services. Some of these include food delivery, buying airtime and payments, package shipments, among other amazing things.

Jamieson says they are giving the priority for the working capital loans to female-run enterprises. This is a way of boosting women’s inclusion.

This is because, in terms of finances, women have been enormously left out hence the need to support them.

Other rumored innovative products over the next 12 months include building the SafeBoda payments ecosystem.

In addition to that are open-loop products, and savings products, among others.

In so doing the company aims at providing a cheap ecosystem that allows its customers to send money across networks for free. This will also drastically reduce the costs of withdrawing these funds according to Jamieson.

‘’If you want to send Ushs across networks can cost you over Ushs1,000 to do so. Or Ushs2,000 if you are sending to two or three different networks; we think there is more that needs to be done here,’’ Jamieson said.

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