Ugandan Youth Innovator launches Financial Inclusion Technology Solution

Ugandan Youth in tertiary Institutions have ventured in money transfer technology

In a move poised to accelerate financial inclusion, Asher Namanya a 28 year old Ugandan has launched a technological solution dubbed ‘Cash Chat’ which works like WhatsApp and allows users to undertake financial transactions at ease without exiting chat groups.

In a communiqué released to media, Namanya said; “It has a wallet in the chat, money transfers, wallet to wallet, airtime top-up, withdraws to mobile, bill payments, member savings, sponsored Ads-to all users, instant chats one on one and group participants of up to 1000 Members among others.”

He says this innovation was birthed out of the need to digitize payment systems but also to encourage users constructively utilize quality time spent on social media platforms.

“We are going Cashless in Africa, and so Cash Chat gives that advantage to access all services in one stop over without moving away from where you are as social media users and consumers”, Namanya adds.

Apparently, Namanya says the app has gained gravity with already 100,000 active users scattered in different locations around the globe. Summarily, the invention is powered by two companies; PesaMoni an internet based application that allows people to make transfers round the globe and Bold Cashers a payment Service Provider.
Concerning cyber security, Namanya assured users of guaranteed security saying interactive features are secured with end to end encryption.

“The companies use rubi & rails, the best and most advanced technology on its systems to connect banks, businesses and mobile to the last consumer while securing users’ data”, he explains.

Besides that, Namanya says PesaMoni and Bold Casher are certified by the National Information Technology Authority (NITA-U) and have the greatest certification on PCI SSC (Payment Card Industry Security Standards Council), a technology that ensures users security and safety of data worldwide.

At the tail end, Namanya says this invention is not only an employment channel but also stands to promote innovation here and abroad owing to the ever increasing internet population. According to a study conducted by Martin Prosperity Institute of the US, Uganda is ranked among the top three countries with advanced technological and innovation capabilities in Africa.

Globally, Uganda is among the 82 world nations which have advanced technological and innovation capabilities.

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