We power prosperity
A multi-purpose digital financial services platform for Africa’s rising digital economy
Digital Financial Services for Everyone
SmartMoney helps increase income for individuals, businesses and MSMEs from Africa’s difficult-to-serve untapped rural markets, to highly competitive urban markets
SmartMoney is the first digital financial services platform to attract customers from Africa’s diverse rural and urban markets, releasing the full market potential of Africa’s rising digital economy.
Our platform combines high-touch localized marketing with mobile-based digital savings, investment, payment, credit and insurance products. Our “rural first” market entry strategy starts in untapped rural markets, then expands into urban.
I use SmartMoney to resupply my shop here in Kitswamba. Each week before market days I call my supplier in town and send him money from my SmartMoney wallet. There are no charges. My supplier then delivers my order to me. I save on transport costs and can keep my shop open more hours so I get more sales. I’m increasing profits by more than $500 per year!
I don’t need to use MTN mobile money anymore because more of my friends are now on SmartMoney and it’s cheaper and easier. I send my friend Scovia $1.50 each week to help her. SmartMoney allows me to send such small amounts cause there are no fees. Now I can send small amounts so I send more frequently. Scovia really likes that.
My wife and I run a small shop in Bwera, Kasese. We save $4.50 per week on our SmartMoney wallet. After 3 months, we saved $50 and bought 70 kgs of sugar, we sold within a week for a 16% profit and had $58. We are saving again for our next investment.
I love SmartMoney because all of my relatives and friends in my village use it. We can all send and receive money anytime with no charges. It brings us closer. When I have money I help my family. Last week I sent money to my auntie for my niece’s hospital bill. It is much cheaper and easier than mobile money.
Tech + Knowledge = Empowerment
We believe in the power of individuals and communities to raise themselves out of poverty
We believe economic empowerment means having more income, and more income starts with having more investible savings
In markets where there is high mobile penetration, low financial literacy, and lack of accessible solutions, the path to more income starts with having the financial tools, knowledge and discipline to accumulate investable savings.
In 2018, we introduced a multipurpose digital financial service platform and targeted rural Africa for its alignment with the above market characteristics.
The result? In 2021, 50% of customers continue using our platform weekly to invest an average 15% of their annual income in new income generation. Customers are incentivized by their own success. driving an account penetration rate >20% higher than competing banks, MNOs and microfinance organizations.
Tech + Education = Empowerment
We believe economic empowerment means having more income, we believe the path to more income starts with having investable savings
Across rural Africa, communities lack the understanding and tools necessary to increase economic prosperity.
Too often, the only source of desperately needed quick cash is high-interest micro-loans. Availability of financial education is limited and loan proceeds are typically consumed instead of invested. The result is no additional income, loan defaults, loss of collateral and a further fall into poverty.
To mitigate these effects we train rural households and businesses, mostly living below $3.20 per day, to save and invest in childhood education, farming, business and other income generating opportunities.
The result? 50% of SmartMoney customers invest an average 15% of their annual income in new income generation.
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Leadership
Michael Spencer
Co-Founder & CEO
SmartMoney
Sharon Masika
Co-Founder & CMO
SmartMoney
Lee Babcock
Partner
SmartMoney
Joshua Nkurunziza
Partner
SmartMoney
Amb. Edith Ssempala
Advisor
SmartMoney
Dr. Donald Rukare
Advisor
SmartMoney
Kim Kamarebe
Advisor
SmartMoney
Albert Tseng
Advisor
SmartMoneyLet’s Talk
NEW YORK
193 Malcolm X Blvd
New York, NY
United States
10026
UGANDA
Plot No.47 Rwenzori Road
Kasese, Uganda