KAMPALA – Diamond Trust Bank, Airtel Money, and Credable Group have formed a groundbreaking partnership to revolutionize financial inclusion in Uganda. The tripartite agreement, signed on November 11, 2024, in Kampala, aims to increase access to financial services for millions of Ugandans.
At the heart of this partnership is the launch of “Kwasa Kwasa,” a mobile-based consumer banking solution designed to provide Airtel Money customers with instant access to affordable short-term loans. This innovative product bridges the financial gap for individuals and small businesses, offering loans from as low as UGX 5,000 without collateral.
Kwasa Kwasa is accessible through Airtel’s USSD code _185_8*3# or the My Airtel App, making financial services more convenient and reachable. The 30-day repayment period with flexibility to rollover provides customers with flexibility and peace of mind.
According to Godfrey Sebaana, CEO of Diamond Trust Bank Uganda, “Kwasa Kwasa aligns with Uganda’s financial inclusion goals, targeting underserved populations, particularly in rural areas and informal savings groups.” This partnership demonstrates DTB’s commitment to empowering communities and promoting economic growth.
Japhet Aritho, Managing Director of Airtel Mobile Commerce Uganda, emphasized, “We’re committed to building partnerships that increase access to credit for our customers, many of whom wouldn’t be banked by traditional banking.” Airtel Money’s extensive network and reach will facilitate wider access to financial services.
Simon Asiimwe, Country Lead of Credable Uganda, highlighted, “We ensure every Kwasa Kwasa customer has a fast, reliable, and exceptional user experience.” Credable’s expertise in digital financial services enables seamless integration and efficient delivery.
To qualify for Kwasa Kwasa, customers must have an active Airtel SIM card, be registered for Airtel Money, and possess a valid National Identification Number (NIN).
Diamond Trust Bank Uganda, an affiliate of the Aga Khan Fund for Economic Development, boasts 37 branches, 54 ATMs, and over 800 agents across the country. Airtel Money offers mobile money services, including payments, microloans, savings, and international money transfers. Credable Group provides software and services for financial institutions to embed digital services, operating across emerging markets.
This partnership is poised to transform Uganda’s financial landscape, promoting financial inclusion and economic empowerment for millions. By combining technological expertise and financial resources, Diamond Trust Bank, Airtel Money, and Credable Group are paving the way for a more financially inclusive future.
