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M-Cash Uganda wins Fintech Futures PayTech Awards UK

Financial Innovation

M-Cash Uganda wins Fintech Futures' PayTech Awards UK

MCash Uganda Ltd

On Friday 28th June 2024 at the Merchant Taylor's Hall in London, M-Cash Uganda was honored with the prestigious PayTech award by Fintech futures for the Best Contribution to The Economic Mobility in Payments, with our innovative E-Voucher system. The award was received by M-Cash's CEO and Founder, Mrs. Edith G. Kutesa, who celebrating with M-Cash staff said, 'This is a reward for our efforts. This recognition is a significant milestone for our community, and we are incredibly proud of this achievement'.

Thank you to all the judges and the team at FinTech Futures PayTech Awards for recognizing the work and passion M-Cash Uganda invests in creating innovative solutions that bridge the gap between the formal sector and the underserved population in Uganda.

M-Cash Uganda Founder & CEO, Mrs. Edith G. Kutesa, receives Fintech Futures PayTech Award for Best Contribution to The Economic Mobility in Payments

'This is a reward for our efforts. This recognition is a significant milestone for our community, and we are incredibly proud of this achievement'.
Mrs. Edith G. Kutesa

A Milestone Worth Celebrating

Winning this award is a testament to the hard work, dedication, and passion of our entire team, and symbolizes M-Cash's unwavering commitment to delivering the latest technologies and innovative financial services to the last-mile.

The M-Cash E-Voucher system was created to provide a simple payments platform for local governments and impact partners to offer transparent subsidies to developing communities. Our system, built by M-Cash developers, was first implemented in 2019-2022 for the Agriculture Cluster Development Program(ACDP), led by the Government of Uganda in partnership with the World Bank. The M-Cash E-Voucher system was implemented to help farmers access subsidized quality Agro-inputs, in order to boost productivity as well as foster financial inclusion.  Our E-Voucher system also addressed challenges like lack of real-time fund visibility, delayed Agro-dealer payments, and lack of traceability. Additionally, it featured e-KYC for quick enrolment, an e-commerce platform, e-wallet accounts, a reporting module, and modern technologies like AI for face detection, cloud computing, and instant voucher redemption.

Within the subsidy program, M-Cash E-Voucher served 210,000 farmers with 49% female enrolment, onboarded 221 Agro-dealers, and achieved over 170,000 successful redemptions across 57 districts. M-Cash trained over 198,000 people on system use and 88,000 on financial literacy. The system improved productivity, financial inclusion, gender equality and access to genuine inputs for small-scale farmers.  Despite challenges like poor network connectivity and database issues, M-Cash maintained a 99% system uptime which furthered the project's success. The E-Voucher system fostered new internet users and integrated ICT in agriculture, benefiting farmers by providing easy access to Agro-inputs and financial services.

We are incredibly proud of this achievement and grateful for the support of the Government of Uganda, the World Bank, our partners, and most importantly our clients. This award is a testament to the trust and confidence you have placed in us, and we are committed to continuing to deliver unparalleled excellence to the underserved.

A Big Thank You to Our Team

Finally, our success would not be possible without the incredible team at M-Cash Uganda. Each member has played a crucial role in reaching this milestone, and their creativity, dedication, and teamwork have been the driving force behind our success. We are fortunate to have such a talented and passionate group of individuals who believe in our vision and work tirelessly to achieve it. We look forward to continuing this journey together and achieving even greater heights. Stay tuned for more updates and exciting news from M-Cash. Here’s to many more milestones and achievements in the future!

Read more about this year's awards here.

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