Partnerships With UGAFODE Microfinace Institute to support women Refugees

Microfinance institutions are joining forces with fintechs to promote banking among refugees, particularly women. Soko Uganda and UGAFODE Uganda have collaborated to launch a digital-based refugee women financing program, targeting urban refugees in settlements like Nakivale and Kyangwali. Under this partnership, the e-commerce platform, Soko Uganda, will facilitate payments for women refugee traders, depositing their earnings directly into UGAFODE accounts. UGAFODE, in turn, will extend soft loans to refugees without collateral, using their businesses as security since Ugandan laws do not permit refugees to own land—the common collateral used by entrepreneurs. UGAFODE’s CEO, Mr. Shafi Nambobi, highlighted the significance of this partnership in supporting refugee communities and facilitating financial inclusion through e-commerce. Soko, developed by Abercom (U) Technologies in collaboration with the Ministry of Trade Industry and Cooperative, with guidance from the Uganda Manufacturers Association, will also provide online advertising space for refugees. https://ankoletimes.co.ug/news/technology/soko-uganda-and-ugafode-partner-to-digitally-empower-women-refugees/