Ugandan innovators are set to roll out the Zofi Cash platform that advances money to salaried employees in Kenya, Tanzania, Rwanda and Ghana.
The platform enables employees to take care of financial emergencies that can’t wait for payday which is normally at the end of the month. With Zofi Cash, the Employees can request for Salary advances once need arises and upon approval the advance can be withdrawn from the Zofi Cash App to the employees’ mobile wallet.
Zofi Cash is paid at the end of the month with as low as 3% fee based on the days employees’ request for the advance before payday.
According to Paul Kirungi, Founder and CEO Zofi Cash, all around the world, the key driving factor behind personal development and growth is financial inclusion. “However, the question that we have ignored for decades is what kind of financial inclusion we need. The type of inclusive finance we are focusing on at Zofi Cash is income/ earned wages. If someone doesn’t qualify for a loan facility in the bank, they should at least have early access to wages they have made. Our only goal is to make every day a payday.”
While speaking at the launch, Board Chairman, Mr. Segirinya Hannington, noted that Zofi Cash is on a journey to change the landscape of financial inclusion because it’s the best path to economic development for our people and the nation.
According to CK Japheth, Founder of the Innovation village, Zofi Cash is a solution for all because it answers technologically advanced gaps to make financial processes more efficient by disrupting traditional methods to establish long-term solutions which answer individual financial needs in all economic conditions.
“Today’s milestone puts Zofi Cash among Africa’s top fintech platforms for the future geared towards building a more inclusive financial system responsive to people’s needs,” he said.
The App was rolled out in Uganda targeting to start operations in Kenya, Tanzania, Rwanda and Ghana by 1st December 2021.
