Making savings safe in Uganda

Akaboxi is a Ugandan software startup that provides a digital financial inclusion system to enable community-saving groups to manage and monitor their savings together. Akaboxi helps saving groups of 20-25 members, who are generally women farmers or young people in rural areas and excluded from financial services, digitalize their bookkeeping, replace the traditional cash box, and open accounts at formal financial institutions. A pilot is ongoing in the refugee settlement of Kiryandongo in partnership with Save the Children. Based on successful initial findings showing increasing trust of members of saving groups into their saving schemes and accelerating their contributions, RIL invested a second round of funding (bringing the total support to USD 17,000) to help Akaboxi iterate based on the learnings of the first phase.
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