Kampala, November 11, 2024 - Diamond Trust Bank (DTB) Uganda, Credable Group and Airtel Money have entered a tripartite agreement to launch products that increase inclusion and access to financial services in Uganda. The tripartite agreement comes along with the launch of a mobile-based consumer banking solution – Kwasa Kwasa.
Kwasa Kwasa, offers Airtel Money customers in Uganda an opportunity to instantly access affordable short-term loans to enable them meet day-to-day personal and business needs through their Airtel Uganda phones.
Kwasa Kwasa offers a streamlined approach to financial services, designed to bridge gaps in accessibility for individuals and small businesses who often find traditional banking loans difficult to obtain.
Subscribers to Airtel Uganda can borrow from as low as UGX 5,000 (Five Thousand Uganda shillings) without collateral, hence addressing one of the key barriers to financial inclusion. Users will access the service through Airtel’s USSD code *185*8*3# or via the MyAirtelApp.
DTB, Airtel money and Credable Group’s tripartite agreement brings together technical and financial resources to enable the extension of financial services to the under-served population in Uganda.
Speaking at the signing of the tripartite agreement DTB’s Chief Executive Officer, Godfrey Sebaana noted that the Kwasa Kwasa loans align with Uganda’s financial inclusion goals, targeting underserved populations, particularly in rural areas and informal savings groups.
“We are optimistic that the Kwasa Kwasa will enable us to meet our vision of enabling people to advance with confidence. We are sure that at the microlevel any person can now solve needs conveniently”, Mr. Godfrey Sebaana said. Mr. Japhet Aritho Airtel Mobile Commerce Uganda Limited - Managing Director said, "At Airtel Money we are committed to building strong partnerships that increase access to credit to our customers many of whom wouldn’t be banked by traditional banking. We welcome DTB and Credable for joining us on this journey. A journey that is now available in the hands of millions of our customers and on our USSD 185.”
Speaking at the signing of the tripartite, Credable Uganda’s Country Lead, Mr. Simon Asiimwe, emphasized the partners’ commitment to ensuring that every Kwasa Kwasa customer can be assured of a fast, reliable, and exceptional user experience.
To qualify, customers must have an active Airtel SIM card, be registered for Airtel Money, and possess a valid National Identification Number (NIN). With a 30-day repayment period and flexibility to rollover, Airtel Kwasa Kwasa is expected to provide more Ugandans with an opportunity to manage their finances effectively and plan for their futures.
