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Ethiopia’s Awash Bank and Service Cops, a Ugandan financial technology (Fintech) firm have signed a deal to facilitate digital microloans. Service Cops is the first Ugandan-based Fintech company to enter Ethiopia.
Ethiopia’s Awash Bank and Service Cops, a Ugandan financial technology (Fintech) firm have signed a deal to facilitate digital microloans. Service Cops is the first Ugandan-based Fintech company to enter Ethiopia. The objective of the deal is to support 12 million customers accessing micro-loans in Ethiopia. Ethiopia offers a strategic market for Service Cops to expand into the larger African market.
Disclosing the deal, Joseph Kiiza Ndiho, the Service Cops executive chairman, said that the homemade Fintech solutions will not only improve customer experience but also support organisations. Initially, it plans to serve Awash Bank customers but later will extend to other non-bank customers. According to Mathias Kamugasho, the Service Cops managing director, the partnership plans to develop digital products across the financial value chain including the insurance sector, retail outreach, relief, and aid distribution. Additionally, it proposes to support Awash Bank, the leading privately run bank in Ethiopia with more than 800 branches, in strengthening its capacity to integrate and add several digital offerings to its customers. Last year also, Service Cops and Awash Bank jointly worked on several innovations, including the school suite solution.
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Ugandan Fintechs have been gradually evolving with innovations in several financial service areas, including mobile and digital loans, insurance and banking.
