• Jun 16, 2020 . 1 min Read
  • Uganda’s Eversend app to issue Virtual Cards

Uganda’s Eversend app to issue Virtual Cards
By Francis Kizito and Nicholas Wassajja
Journalists @New Vision

Eversend's story starts in 2013, where it was known as ‘Userremit’, offering peer to peer money services. 

It later rebranded in 2017, changing its name to Eversend, by founder Stone Atwine. 

The app has since registered tremendous growth, becoming the first Ugandan neo-bank to raise $739k for 9.05% equity, in a recent crowdfunding campaign with plans to extend to Nigeria and Europe. 

The startup has acquired a money lending license in Uganda and taken part in programs such as the Google Launchpad Africa accelerator, CATAPULT: Inclusion Africa, the Westerwelle Young Founders Programme, and the Ecobank Fintech Challenge. 

Eversend was in 2019 named the winner of the Helsinki-based Slush startup competition-beating 1,700 companies in the race. 

Eversend on Monday announced its latest product, Virtual dollar cards coming barely a month since the startup launched donations on its platform.

“The virtual cards are denominated in US Dollars and can be used to pay for online purchases like Netflix, Amazon, Facebook, Google, and Twitter ads among other purchases. The virtual cards created on Eversend can be used for up to 3 years before they expire,” Atwine. 

The development comes after research revealed that banks in Africa charge their customers between 5% and 15% whilst using their local currency to make transactions online.

Eversend users will save about 3% to 13% in conversion charges while using these cards and they will also be able to exchange their local currency to US Dollars and use it for the Virtual cards. 

Monthly charges of the virtual card will amount to $1 per month and a one-off $1 to create this card giving users an option to withdraw the card balance to their Eversend wallets in case they choose to not maintain. 

A security measure has been set to protect the card from fraud by allowing users to freeze their cards temporarily when not using them. 

By the start of 2020, Eversend had completed more than 20,000 transactions, moving about $1m. For instance, sending money in the region can go for 70 US cents and this has given them a notch over traditional banks which are known for exorbitant changes. 

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