Access to financial services, including secure efficient banking, is critical to reducing poverty and stimulating sustainable economic growth. And yet, approximately 95% of Uganda’s citizens have limited or no access to banking services. This sector of the population – referred to as the unbanked and under banked – is prevented from accessing financial services because of limited physical bank infrastructure and lack of access to electronic infrastructure such as debit cards, Automated Teller Machines (ATMs), and mobile phone banking. Admission into the formal financial sector is further hampered by high banking fees, a mostly cash-based financial environment, and low rates of financial literacy. Mobile banking raises the prospect that financial services provided via mobile phones can overcome all these barriers to entry in the traditional banking system
In Uganda, where an estimated 20 million people own mobile phones, mobile banking has the potential to increase the efficiency of payment systems, reduce reliance on cash, and broaden access to financial services by increasing the accessibility and lowering the cost of offering formal financial services. Mushana E-SACCO Uganda deploys the latest in mobile financial technology to SACCO services to unbanked / under banked people in developing countries. This unique platform is the catalyst that will enable the transformation of developing countries to create cheap, efficient, and transparent and corruption free payment systems that will provide financial security to its citizens. Mushana E-SACCO Uganda’s E-SACCO (MushanApp) platform contributes to an enabling environment for widespread adoption of mobile banking and taps into the market potential for banking services. To pave the way for a secure, mobile banking system, MushanaE-SACCO Uganda has developed an Electronic SACCO system www.mushanapp.net which enables people to save, apply for loans, pay Loans, money transfer, buy shares and communicating/sharing views from wherever they are which is time and cost effective to the entire society in Uganda where people find it difficult to travel to venues where SACCOS always hold meetings or SACCO offices to transact business
Mushana E SACCO system is a real time integrated system which means that Savings, loans, shares, statements, balance sheets, trial balances, income and expenses and all accounting are updated immediately. Customers get their results immediately not at any period end. It is easy to use and very customization such that all customers’ requirements are met but we only lack a USSD Code that can enable people in remote areas who have no acess to internet to acess finacial services heace starting this Campign.