Airtel Uganda, the Grameen Foundation and Plan Uganda have launched a new service in Kamuli to serve savings groups across Uganda. Airtel and the Grameen Foundation developed a service that will allow Village Savings and Loan Associations (VSLAs) and other forms of savings groups, such as Chamas or investment clubs, to store their group's cash as mobile money. This was made possible by a grant received from the GSMA mWomen Programme, which works with the mobile industry to increase women's access to and use of mobiles. Plan Uganda has over the years supported the formation of VSLAs, leading to the formation of close to 3,000 savings groups with the aim of promoting financial inclusion. To date, these groups are using manual systems of transaction and record keeping.
The new service will be rolled out across the country. The group wallet involves one individual who holds the group SIM, and three additional mobile users and PIN holders who are the key holders. These three people will be notified when the SIM keeper initiates a cash-in or cash-out transaction. The SIM Keeper can request a transaction, but all three must approve it before cash can be withdrawn. These individuals will receive a text message with an identification number indicating they need to approve the transaction before any money is moved.
