MICROCAPITAL BRIEF: FINCA Expands Microfinance Fintech in Uganda, Azerbaijan, Kyrgyzstan

FINCA Impact Finance, a US-based network of financial institutions, recently carried out several campaigns catering to low-income people through its affiliates in Africa and Asia.

FINCA Uganda launched a “Digital is Here” campaign in partnership with Centenary Bank, a commercial institution serving 1.8 million customers as of 2019. This service allows FINCA Uganda customers – individuals as well as micro-, small and medium-sized enterprises (MSMEs) – to use Centenary services including: (1) internet-based and mobile banking services, such as person-to person and business-to-business payment services; and (2) automated teller machine (ATM) cards that offer access to the network of US-based financial services firm Visa.

FINCA Azerbaijan is launching a chatbot that leverages the WhatsApp service of US-based technology firm Facebook. The goal is to accelerate the pace of loan applications and approvals. The chatbot also will guide customers through performing transactions, educate them about available products and facilitate banking via social media apps.

Lastly, FINCA Bank Kyrgyzstan launched an online queue service, through which customers can reserve a place in line before they visit a branch, enabling them to minimize waiting in line and hence their potential exposure to COVID-19.

FINCA Impact Finance is partially held by the US-based NGO FINCA International, which was launched in 1984 as the Foundation for International Community Assistance (FINCA). The network of FINCA Impact Finance comprises 20 banks and microfinance institutions delivering savings, loans and other services to 2.6 million customers in Africa, Eurasia and Latin America. Among its programs is FINCA Ventures, which has eight investments as of 2021 in the form of “patient capital and technical assistance to early-stage social enterprises to support innovation in energy, water/sanitation/hygiene, education, health, agriculture and fintech [financial technology].”

By Sophie Fiala, Research Associate

Sources and Additional Resources

Direct contact FINCA Impact Finance
https://fincaimpact.org/

FINCA Uganda press release
https://www.finca.ug/news-press/digital-is-here/

FINCA Uganda homepage
https://www.finca.ug/

FINCA Bank Kyrgyzstan homepage
https://www.fincabank.kg/

FINCA Azerbaijan homepage
https://www.finca.az/

Centenary Bank homepage
https://www.centenarybank.co.ug/

FINCA International
https://finca.org

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