FutureLink Technologies unveils SACCO Industry Dashboard and Credit Score

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The Executive Director Finance at Bank of Uganda (BoU) Richard Byarugaba has urged SACCOs across the country to embrace innovation to enable them ease their daily operations.

According to Byarugaba, Savings and Credit Co-operatives Society play a vital role in boosting financial inclusion for mostly those in areas where banks cannot reach.

He made the remarks during the launch of the first ever SACCO Industry Dashboard and Credit Score in Uganda at Grand Global Hotel in Kampala.

“Today is FutureLink has marked a milestone in the financial industry by launching the first ever SACCO Industry Dashboard and Credit Score. This will enable real-time industry comparison, while preserving the data privacy and integrity of each institution and individual. These innovations are critical for the operations of SACCOs and we want to commend FutureLink,” Byarugaba noted.

The Dashboard enables a SACCO or Microfinance Institution to perfect its growth strategies and create new relevant financial products, by leveraging real-time comparative data from the industry.

Additionally, the SACCO Credit Score is a tool developed in collaboration with GnU Grid, to facilitate quick lending decisioning for SACCOs and MFIs.

Edith Namugga Tusuubira the Executive Director of Uganda Microfinance Regulatory Authority (UMRA) described Dashboard as a product that will support and stimulate access and usage of formal financial services.

“FutureLink has been committed towards developing technologies that ease operations of SACCOs, and we want to commend them. As the regulator, we want to pledge our support to FutureLink and commend them for the role they play in financial inclusion through systems that ease operations of SACCOs.”

Vincent Tumwijukye CEO FutureLink during the event in Kampala recently. (Courtesy)

Vincent Tumwijukye the Chief Executive Officer of FutureLink Technologies explained that FLT, is a community-driven Marketplace for financial services, that enables the unbanked and underserved to access and choose relevant and affordable financial services provided by a growing network of SACCOs and MFIs on MSACCO platform.

On the other hand, the company’s 2-sided platform enables the SACCOs and MFIs to acquire and retain customers, mobilize community savings, grow transaction revenue, and reduce infrastructure cost by 90%.

“The SACCO Industry Dashboard will accelerate the creation of more relevant and affordable financial services for our people, promote fair pricing, and build a sustainable and inclusive financial system in Uganda, we are determined as a company to continue developing solutions.”