The investment, brokered by CARE Social Ventures, will significantly expand efforts to ensure women and girls have the digital and financial access they need to thrive in today’s world.

Licensed digital/online money lenders, who are diverting from the newly issued digital lending guidelines issued in March by the Uganda Microfinance Regulatory Authority (Umra), risk having their licenses revoked, the sector regulator has warned.

This partnership is poised to significantly narrow the financial inclusion gap, streamlining the processes of money transfer, savings, and credit accessibility for individuals.

The grant will allow Opportunity International to provide micro and small business loans, digital tools and specialized technical training to women-led small- and micro businesses in the Democratic Republic of the Congo (DRC), Ghana, Nigeria and Uganda.

Quest Digital Finance, a Ugandan tech company, is placing the power of banking and service delivery in the palms of the farmers and entrepreneurs using its digital platforms.

The new investments include a $5M local currency facility for Uganda from Nordic Microfinance Initiative (NMI), $6M from existing lender Symbiotics, and $1M from crowdfunding platform Lendahand, all to support growth in Uganda.

The bank will work in partnership with local banks and financial institutions using best practices in microfinance for provision of Islamic banking services, and will apply an integrated system of financial and non-financial services to support value and supply chains for MSMEs.

Opportunity International and Oikocredit will mobilize the funds over the next three years with an initial, near-term focus on Ghana, Kenya, Nigeria, Senegal, and Uganda.

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.

The initiative aims to help clients and communities by providing blended financial and non-financial digital services including advisory services, training and more to assure ease of access to e-money and transfers for its customers.