Akaboxi Limited Company – Wakiso, Uganda

Funding Platform Wakiso for businesses and individuals in Uganda.
Akaboxi is a digital financial inclusion system that enables small holder farmers in communities manage and monitor their savings together. Akaboxi provides communities with a robust and secure way of handling savings kept in boxes, to be managed and monitored by use of a Digitalized Financial Inclusion system – A new technology that replaces the rudimentary way of keeping money in boxes and in people’s homes to a more secure, reliable and easy to monitor savings and transactions. We work with the already existing saving groups in rural areas and also create new ones where they have not existed before. These groups usually meet every week in groups of average 30 people of which about 95% are women. Akaboxi assigns every individual member in the group with Identity Cards (ID) for Show more clear identification capturing the necessary demographic information about each member. This ID card embedded with Near Field Communication (NFC) technology which is used for identification of each member in the specific group which is also used for transactions either during saving and borrowing of money. We work with the already existing saving groups in rural areas and also create new ones where they have not existed before. IMPORTANCE The system is able to capture money saved on a weekly basis by an individual member and the entire VSLA group. Issuance of a receipt to every transaction carried out for purposes of transparency in the group. Connects and leverages on existing mobile money platforms. Interacts with groups account so that with mobile money, the money can be deposited directly to savings group accounts. Sends SMS alerts to individual members for any transactions carried out. Weekly reports, monthly reports and annual reports in terms of loan portfolio balances, arrears rate, loan balances, savings portfolio etc. Maintains social networking as a source of information A simple, easy to use system and customized to Akaboxi clients, subscribers and partners. Our Vision To be the leading provider of digital financial inclusion system for farmers in Africa. Our Mission To provide cost friendly, appropriate digital financial inclusion services to all financially excluded people particularly in rural areas and in accordance with the law.
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