Young Ugandans launch CashChat as a two-in-one platformComedian Pablo, is flanked by the CashChat co-founders, Ofoyuru and Namanya at the launch in Kampala.
A group of young Ugandans have launched CashChat, a digital and social network application with financial technology embedded within it.
Speaking at Irekela Place Hotel in Kampala on Friday, co-founder, Asher Namanya, said CashChat will help users to do more than social networking on the internet. “It has an inbuilt wallet in the chat, money transfers, wallet to wallet, airtime top-up, withdraws to mobile, bill payments, member savings, sponsored ads-to all users, instant chats one-on-one and group participants of up to 1000 members among other things,” Namanya said.
Subscribing for a CashChat account/E- wallet costs UGX75,000 ($20) and is a one-time subscription. “Unlike the current social networks like WhatsApp, Facebook, twitter and Instagram among others, CashChat is here to close the digital gap in the social network and finance. It will combine both finance and social network features to improve user experience,” Edgar Ofoyuru, the other co-founder said.
The application which works like Whatsapp, allows users to chat and at the same time do financial transactions like sending and receiving money, paying bills, buying products online among others. The founders say they have already signed up 200,000 subscribers and interested people can download the application on Google play store free of charge. Popular comedian, Ken Kimuli commonly known as Pablo, has been appointed the CashChat Ambassador.
Namanya said, “Our vision is to connect the world through financial technology that will eventually improve financial inclusion in Uganda and around the world. Our mission is to change lives through financial technology. We are going cashless in Africa, and so CashChat gives that advantage to access all services in a one stop centre without moving away from where you are as social media user and consumer.”
Cash chat is powered by two companies, PesaMoni and Bold Casher. PesaMoni is an internet based application that allows people to make money transfers all over the world by integrating telecommunication companies and banks. Bold Cashers is a Payment Service Provider, financial technology and electronic marketing company. It supports M-Pesa, MTN Uganda, Airtel Uganda and Bank Visa/Master Card deposits.
“Most importantly, the companies are certified under NITA-U and we have the greatest certification on PCI SSC (Payment Card Industry Security Standards Council), a technology that ensures users security and safety of data worldwide,” Namanya said.
‘‘I believe this innovation will greatly market and sell Uganda to other countries as it’s a unique one both here and in the world at large and of course great employment opportunities will be created as the world is now shifting to the internet. Statistics show that half of the world’s population is now on the internet,” he said.