iRembo Finance(Management Information System)
- Uganda
- For-profit, including B-Corp or similar models
iRembo Management Information System (iRembo Finance) addresses the issue of SACCOs and MFIs' survival by streamlining their financial management. Manual processes and paper-based record-keeping hinders operational efficiency, limits financial access, maximize errors & impedes member service and their growth.
- A 2020 study by the Financial Inclusion Advocacy Centre (FIAC) found that manual operations limit efficiency and scalability for SACCOs, hindering their ability to serve a wider membership base.
- The World Bank's 2022 Global Findex report indicates that limited access to credit information bureaus due to manual record-keeping restricts loan applications and financial inclusion in Uganda.
- A 2019 research paper by Makerere University Business School emphasizes the high error rates associated with manual loan processing and record-keeping, leading to financial losses for SACCOs/MFIs and potentially discouraging loan applications.
Envisioned Impact of our innovation:
- A 2021 CGAP report by the World Bank highlights the positive impact of financial technology (FinTech) on financial inclusion in Africa. iRembo, as a FinTech solution, has contributed to this progress in parts of Uganda and intends to extend to other regions of the world.
- Research by the Alliance for Financial Inclusion (AFI) demonstrates that access to mobile banking improves financial access and empowers users, particularly in developing economies. Our mobile banking integration aligns with this research, promoting financial inclusion and helping the unbanked population.
iRembo Finance is a digital system designed to help SACCOs and MFIs of all sizes to manage their finances more efficiently. Instead of relying on manual methods of pen & paper, iRembo digitizes financial processes, tracks transactions & provides real time insights, enabling informed decisions, reducing errors & enhancing operational efficiency.
iRembo Finance directly tackles the problems identified in MFIs by:
- Automating tasks: Streamlining loan processing, record-keeping, and reporting frees up staff time to focus on member needs, aligning with the FIAC's recommendations for improved efficiency.
- Enabling digital credit assessments: iRembo's potential for using digital data and credit scoring addresses the World Bank's concerns regarding limited access to credit information, promoting financial inclusion.
- Minimizing errors: Automated calculations and data entry reduce errors, a crucial benefit highlighted by the Makerere University research in terms of financial stability and member trust.
- Reaching the Underserved:
By utilizing digital tools, iRembo empowers microfinance institutions to serve the unbanked and underbanked population, fostering a more inclusive financial system in Uganda.
Our solution serves Microfinance institutions especially Savings and Credit Cooperative Organizations (SACCOs) and Village Savings and Lending Associations (VSLAs) that comply with all the statutory and legal requirements of their respective authorities, have transparent governance and accountability, as well as financial sustainability plan. Microfinance institutions that do not have these characteristics can not be our customers because at the core of our goal is to enable financial institutions to be sustainable.
Our solution already serves a multifaceted population in parts of Uganda, aiming to improve the lives of both SACCOs/MFIs and their members, particularly those who are currently small, underserved and unable to afford costly bigger Management Information Systems or the traditional financial system.
Our target Population is the Underserved and Unbanked
- Low-income earners: Many Ugandans, especially in rural areas, have limited access to financial services due to geographical constraints and lack of documentation. iRembo's potential for mobile banking integration is revolutionizing access for these individuals. They can now conduct transactions, save money, and potentially build creditworthiness, fostering financial inclusion.
Current Underservice and Impact of iRembo
- Limited access to credit: Manual loan processing in SACCOs/MFIs often leads to lengthy wait times and limited access to credit, especially for those without formal credit history. iRembo's streamlined processes expedites loan approvals, enabling faster access to financial resources for those who need them most.
- High transaction costs: Other Finance Management Information Systems Traditional banking impose high fees, discouraging low-income earners (usually composed in small SACCOs) from participating in digital economic prosperity. iRembo's mobile banking integration, with lower fees, makes financial services more affordable and accessible.
- Lack of financial literacy: Many Ugandans and Africans in general lack the financial knowledge to manage their money effectively. We enable and encourage SACCOs/MFIs empowered by iRembo to dedicate more resources to financial literacy programs for their members, promoting informed financial decisions and overall well-being.
Our values: Customer Paramount, Integrity, Love (People building), Innovation, Teamwork, Passion, and Excellency form the basis of our team's culture and contribute to its success. We ensure a customer-centric approach, build trust, support team members' growth, drive innovation, promote collaboration, foster dedication, and set high performance standards. Such a team culture is special and well-aligned for achieving our goals and making a positive impact.
Our tech startup team has successfully created an MVP, market and attracted a grant by leveraging diverse skill sets, including strong technical talent and entrepreneurial experience.
Furthermore, our team's ability to win and deliver results is given confidence by our emphasis on innovation. There is a lot of trust in the team's capacity to manage risks and obstacles because of the company's creative approach to digital solutions, exhibiting the drive required to guarantee success.
Our team successfully launched our flagship product, iRembo Finance MIS, to cater to the specific needs of SACCOs, garnering a strong reputation within the first year. This track record suggests that our ambitions are indeed significant enough to build a winning and valuable company for investors, given our focus on transformative solutions and commitment to driving digital transformation locally and globally.
- Foster financial and digital inclusion by supporting access to credit, digital identity tools, and insurance while securing privacy and personal data.
- 1. No Poverty
- 8. Decent Work and Economic Growth
- 9. Industry, Innovation, and Infrastructure
- 13. Climate Action
- Pilot
iRembo Finance Management Information System has evolved into an MVP after three years of dedicated research, software development, and market validation. The following are the features that iRembo Finance MIS already has and we have tested so far:
1. Member Enrollment.
2. Savings & Loan Management
3. Online & Mobile Banking.
4. USSD Banking
5. Transaction SMS Alert.
6. Agency Banking/Saving.
7. Dynamic Financial Reports.
8. 100% Customization.
Benefits of using our iRembo Finance MIS
1. The system interface is simplified to enable
usability and convenience.
2. Keeps accounts data confidential and
secured from unauthorized access.
3. Reduces paperwork, maintains and updates all
records and transactions.
4. Generates dynamic Financial Reports.
5. Can be accessed from anywhere at any time.
We have tested all these features with 13 Savings and Credit Cooperative Organizations (SACCOs) already onboarded as our customers.
This milestone marks a significant achievement, shows our commitment to delivering a reliable and refined digital solution. Our focus now shifts towards further enhancements, enabling us to serve SACCOs and MFIs with greater value.
As iRembo Finance, we see a wealth of opportunity in participating in the MIT Solve Global Challenge 2024. Being recognized by such a prestigious competition would put us on the global stage, introducing our financial technology solution to a vast audience of innovators and potential investors. This exposure could open doors to exciting new partnerships and secure the resources needed to truly make a difference.
The competition itself offers invaluable validation. Having our approach reviewed by a panel of experts would provide crucial feedback to refine our product and maximize its impact. It's a chance to learn from the best and ensure iRembo Finance is delivering the most effective solutions possible.
The chance to connect with a network of influential figures is another major draw. The Solve Challenge presents a unique opportunity to meet potential partners, mentors, and investors who share our vision of Economic Prosperity and financial inclusion. These connections could be instrumental in propelling iRembo Finance forward and reaching even more people who need our services.
Of course, the potential for funding is a significant motivator. The prize money awarded through the Challenge would be a tremendous boost, allowing us to further develop and scale iRembo's reach. Every additional resource translates to more people empowered to manage their finances effectively.
Even if we don't take home the top prize, being a finalist would still generate positive media coverage. This kind of publicity would not only elevate our brand awareness but also attract new customers who could benefit from iRembo's innovative approach to finance.
Participating in the MIT Solve Global Challenge is a strategic move for iRembo Finance. It's a chance to gain exposure, validation, funding, and valuable connections – all of which will fuel our mission of financial inclusion and empower communities across the globe.
- Financial (e.g. accounting practices, pitching to investors)
- Monitoring & Evaluation (e.g. collecting/using data, measuring impact)
- Product / Service Distribution (e.g. delivery, logistics, expanding client base)
- Public Relations (e.g. branding/marketing strategy, social and global media)
- Technology (e.g. software or hardware, web development/design)
We believe our approach to digital financial inclusion is groundbreaking in several ways. Many financial management systems cater to bigger finance Institutions, overlooking the unique challenges faced by small SACCOs, and VSLAs. We address their specific needs directly. Our system handles micro-transactions seamlessly, keeping in mind the limitations of internet access in some areas, and prioritizes mobile phone compatibility. This targeted approach ensures that our iRembo solution is relevant, user-friendly, and can be easily and readily adopted by especially the underserved rural Microfinance Institutions.
Affordability and accessibility are key. Traditional financial management systems can be cost-prohibitive and complex. iRembo is designed to be affordable and user-friendly for even the most resource-constrained institutions. Our cloud-based solution eliminates the need for expensive hardware and software, while our adaptable interface caters to varying levels of technical expertise. This makes economic prosperity and financial inclusion a more attainable goal, empowering even remote communities to take control of their finances.
We understand the power of mobile technology in Uganda. That's why iRembo prioritizes mobile accessibility. We offer online and mobile/Offline banking functionalities-through tools such as USSD, putting the tools for financial management directly into the hands of SACCO, and VSLA. This convenience empowers them to manage their finances anytime, anywhere, fostering stronger financial participation and engagement.
Finally, iRembo promotes efficiency through openness to further integration. Our system streamlines operations by integrating loan and savings management, financial reporting, and secure agency banking, Credit Reference Bureau and many others. This centralized approach reduces manual processes, minimizes errors, and frees up valuable staff time. The result? Improved efficiency and better service for members – a win-win for everyone.
Beyond our own success, iRembo Finance aspires to be a catalyst for positive change. By demonstrating the effectiveness of a targeted, affordable, and mobile-first financial management system, we hope to inspire others in the fintech space. Our approach can serve as a blueprint for creating similar solutions around the world, empowering underserved communities everywhere.
Widespread adoption of iRembo has the potential to transform the financial landscape in Uganda and beyond. By strengthening SACCOs and VSLAs, we shall significantly increase economic prosperity. This, in turn, will promote responsible savings and borrowing habits, ultimately contributing to economic growth and poverty reduction across the region. It's a ripple effect of positive change, and iRembo Finance is proud to be at the forefront.
Our Target Population: Specifically: Members of Saving and Credit Cooperative Organizations (SACCOs), Village Savings and Loan Associations (VSLAs) in Uganda and generally MFIs.
Problem: Manual and paper based processes of financial information management and limited access to affordable and user-friendly financial management tools hinders economic prosperity and financial inclusion, savings habits, and economic participation in Uganda, especially among the small MFIs that mostly serve the unbanked population.
Solution: iRembo Finance provides a targeted, affordable, and mobile financial management system designed specifically for the needs of especially small SACCOs, VSLAs and generally Microfinance institutions (MFIs).
Our Immediate Outputs:
- Increased adoption of iRembo by SACCOs, VSLAs.
- Improved record-keeping and financial reporting for member organizations.
- Streamlined loan and savings management processes.
- Increased online, mobile phone/ offline access for financial transactions.
Longer-Term Outcomes:
- Financial Inclusion: More individuals will have access to safe and reliable financial services through their membership organizations. (Evidence: Studies by the World Bank show a strong correlation between financial inclusion and poverty reduction)
- Improved Savings Habits: User-friendly tools and mobile access such as by USSD will encourage consistent saving practices among members. (Evidence: Research by CGAP demonstrates that access to mobile money platforms increases savings rates, particularly among low-income populations)
- Responsible Borrowing: Transparent loan management systems will promote responsible borrowing habits and reduce financial strain on members. (Evidence: The Aspen Institute reports that access to financial services with clear terms and conditions empowers individuals to make informed financial decisions)
- Economic Growth: Increased financial inclusion fosters economic activity by enabling individuals to save, invest, and participate more fully in the market. (Evidence: The International Monetary Fund highlights the positive impact of financial inclusion on economic development and job creation)
Why it Works: iRembo addresses the specific challenges faced by SACCOs and VSLAs making it a relevant and valuable tool. The affordability and mobile-first approach remove barriers to entry for resource-constrained organizations and individual members. By simplifying financial management and promoting responsible practices, iRembo empowers communities to take control of their financial futures and contribute to the region's economic growth and this is how we expect our solution to have an impact on the problem.
At iRembo Finance, we are focused on achieving transformational impacts that empower communities in Uganda and beyond and foster financial inclusion. Here are our key impact goals and how we measure our progress:
Goal 1: Increase Financial Inclusion Rates in Uganda
- Target: Increase the number of SACCOs and VSLAs using iRembo by 20% year-over-year.
- Measurement: We track the number of new organizations signing up and actively using our platform. This is a key indicator of our reach and the potential impact on the number of individuals gaining access to financial services through their membership organizations.
Goal 2: Promote Savings Habits among Members
- Target: Increase the average monthly savings deposited by members by 15% within a year.
- Measurement: With provision of both online and offline transactions, we monitor the total amount saved by members using iRembo. An increase in average monthly deposits and utilization of USSD savings and transactions indicates a positive shift in savings behavior.
Goal 3: Enhance Responsible Borrowing Practices
- Target: Reduce loan delinquency rates and integrate with Credit Reference Bureau (CRB).
- Measurement: With the CRB, we will be able to encourage responsible borrowing by referring to the credit history of each borrower. We track loan repayment rates and delinquency rates.
Goal 4: Contribute to Economic Growth in the Region
- Target: Increase the ability of MFIs financial management including disbursement of loans by 25% year-over-year.
- Measurement: We monitor the number of MFIs onboarded for the iRembo Finance system and the total loan value processed through iRembo. An increase in the number of MFIs means their is efficient financial management. Loan disbursements suggests members are using the platform to access capital for productive purposes, which can stimulate economic activity. We are also exploring partnerships to track how members leverage these loans to grow their businesses or improve their livelihoods.
Data Collection and Transparency: We are committed to data-driven decision making and transparent impact measurement. We regularly collect data on key metrics through our platform and partner with member organizations to gather additional insights. This data allows us to track progress towards our goals, identify areas for improvement, and demonstrate the impact of iRembo on financial inclusion.
Beyond Numbers: While quantitative data is crucial, we also value qualitative feedback. We conduct surveys and hold focus groups with members and staff of member organizations particularly SACCOs to understand their experiences using iRembo. This qualitative data helps us understand the human impact of our work and ensure our solution is truly empowering the communities we serve.
iRembo Finance solution utilizes a combination of several technologies, all working together to provide a secure and accessible financial management system for SACCOs and VSLAs:
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Cloud-Based Platform: At the heart of iRembo lies a cloud-based platform. This eliminates the need for member organizations to invest in expensive hardware and software, making the solution affordable and scalable. Cloud technology also ensures data is stored securely and can be accessed from anywhere with an internet connection.
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Mobile Technology: Recognizing the growing importance of mobile phones in Uganda and most parts of Africa in general, iRembo prioritizes mobile accessibility. Our system utilizes a combination of technologies to achieve this:
- Mobile App: A user-friendly mobile app provides core functionalities like member enrollment, savings & loan management, and account monitoring directly on smartphones.
- USSD Banking: For users without smartphones or reliable internet access, USSD (Unstructured Supplementary Service Data) technology offers a menu-driven mobile banking experience through basic feature phones.
- SMS Technology: Transaction SMS alerts keep members informed about account activity and potential fraud attempts.
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Data Security: Security is paramount when dealing with financial data. iRembo implements robust security measures to protect user information, including:
- Encryption: Data is encrypted both in transit and at rest, ensuring confidentiality.
- Access Controls: User roles and permissions are clearly defined to restrict unauthorized access.
- Regular Backups: Regular data backups safeguard information in case of system failures.
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Reporting and Analytics: iRembo utilizes data analytics to generate dynamic financial reports. These reports provide valuable insights into the financial health of member organizations, allowing them to make informed decisions and improve their financial management practices.
In essence, iRembo Finance combines cloud technology, mobile technology, robust data security practices, and data analytics to create a user-friendly and secure financial management system. This technology empowers SACCOs, VSLAs and generally microfinance institutions in Uganda to promote financial inclusion, improve savings habits, and contribute to economic growth in our region.
- A new application of an existing technology
- Software and Mobile Applications
- Uganda
- Burundi
- Kenya
- Rwanda
- Tanzania
Our general team at Ahuriire (Uganda) Limited is composed of 12 fulltime staff and 2 part time staff all working on the solution-iRembo Finance (MIS).
We have been working on iRembo Finance Management Information System for three years and evolved into an MVP after dedicated research, software development, and market validation.
Here at Ahuriire Uganda Limited, fostering a diverse, equitable, and inclusive work environment is a core value. We believe a team rich in various backgrounds, experiences, and perspectives is not only the right thing to do but also essential to drive innovation and success.
Building a Diverse Team: We actively seek out talented individuals from diverse backgrounds during recruitment. We utilize job boards and platforms such as collaboration with the private sector foundation of Uganda (PSFU) that cater to underrepresented groups including fresh graduates/talents in tech and finance.
Minimizing Barriers: We recognize that financial constraints can be a hurdle for some talented individuals. To address this, we offer competitive salaries and benefits packages, along with relocation or accommodation assistance if needed. We are also exploring flexible work arrangements to accommodate diverse needs and lifestyles.
Promoting Inclusion: Creating a welcoming environment is key. We provide unconscious bias training for all staff to raise awareness of potential biases and promote fair treatment this is through our already established Employee Code of Conduct Policy. We also have active employee resource groups that offer support and foster a sense of belonging for team members from different backgrounds for example-PSFU as earlier stated. Our recruitment policy is also open to people of all gender as indicated in the Human Resource and Gender Policies of Ahuriire Uganda Limited.
Continuous Improvement: We are committed to ongoing evaluation of our efforts. We conduct regular surveys to gather employee feedback on their experiences and identify areas for improvement. We also track our progress in terms of team diversity demographics and participation in programs and have an anti-corruption measures seen throughout our daily activities-Whistleblower enabling environment for continuous improvement.
We understand that building a truly inclusive workplace is a continuous journey. We are dedicated to fostering an environment where everyone feels valued, respected, and empowered to contribute their unique talents and perspectives. This allows us to not only be a great place to work but also to develop the most innovative solutions to consequently empower communities and drive financial inclusion across Africa.
Customer Segments:
- Primary: Microfinance Institutions (MFIs) – Specifically, Saving & Credit Cooperative Organizations (SACCOs) and Village Savings and Loan Associations (VSLAs) in East Africa that comply with regulations, have transparent governance, and are financially sustainable.
- Secondary: Government agencies and donors focused on financial inclusion initiatives in East Africa. These entities may subsidize subscriptions for qualifying MFIs.
Value Propositions:
- For MFIs:
- Improved financial management: Streamlined workflows, reduced paperwork, and centralized data management.
- Enhanced accessibility: Mobile-first (e.g USSD) approach for members and staff, even in areas with limited internet access.
- Increased efficiency: Integration of loan and savings management, financial reporting, and agency banking.
- Reduced costs: Affordable subscription-based model to cater for even the small institutions compared to traditional financial management systems.
- Improved governance and accountability: Transparent record-keeping and reporting for regulatory compliance.
- For Government Agencies and Donors:
- Scalable solution: Enables wider access to financial management tools for underserved communities.
- Measurable impact: Data-driven insights to track progress towards financial inclusion goals.
- Cost-effective intervention: Lower costs compared to traditional capacity-building programs.
Channels:
- Direct Sales: A dedicated sales team focused on building relationships with MFIs in Uganda.
- Partnerships: Collaboration with industry associations, NGOs such as PSFU, and government agencies to reach potential customers.
- Digital Marketing: Utilizing online platforms for example our website and social media to raise awareness and generate leads.
Customer Relationships:
- Customer Success Team/Client Relations: A dedicated team providing onboarding support, training, and ongoing assistance to MFIs.
- Online Knowledge Base: A comprehensive collection of resources for users to learn about our platform's functionalities.
Revenue Streams:
We provide a subscription-based software-as-a-service (SaaS). We generate revenue by charging a monthly/annual fees, and transactional charges for mobile transactions, SMS to MFIs for accessing and utilizing our comprehensive Finance Management Information System (FMIS).
- Subscription Fees: MFIs pay a monthly or annual subscription fee for access to the iRembo Finance platform. This fee is tiered based on the size and needs of the organization.
- Transactional Fees: A small fee is charged per mobile transaction (deposits, loan repayments, etc.), SMS alert, and USSD transaction.
- Organizations (B2B)
We are committed to achieving long-term financial sustainability to ensure the continued growth and impact of our solution. Our strategy combines a subscription-based revenue model with strategic partnerships to support our financial health.
Subscription-Based Revenue Model:
- Our primary revenue stream comes from subscription fees charged to MFIs (Micro-Finance Institutions) who use the iRembo Finance platform. We offer tiered subscription plans based on the size and needs of the MFI. This ensures affordability for smaller organizations while generating revenue to cover operational costs.
Early Traction and Growth:
- While we are a relatively young company, we've shown promising traction with our subscription model. We can't disclose specific revenue figures due to privacy concerns, but we've successfully onboarded 13 MFIs in Uganda. This initial customer base provides a solid foundation for continued subscription revenue growth.