A 28-year-old Ugandan innovator, Asher Namanya, has launched a financial tech solution called Cash Chat, working similar to WhatsApp. The tech solution allows users to do financial transactions conveniently without having to exit chat groups.
“It has a 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 others,” said Namanya in a statement released to media.
According to the young Ugandan innovator, the solution emerged due to the need to digitize payment systems while at the same time to enable users to utilize their quality time spent on social media platforms.
He added, “We are going Cashless in Africa, and so Cash Chat gives that advantage to access all services in one stopover without moving away from where you are as social media users and consumers.”
The Cash Chat app continues to grow with currently over 100,000 active users across different locations around the world. The app is powered by PesaMoni and Bold Casher. PesaMoni is an internet-based app allowing users to transfer money around the globe while Bold Cashers is a payment service provider.
In terms of security, Namanya emphasized that interactive features on the app are secured as it runs end-to-end encryption.
“The companies use rubi & rails, the best and most advanced technology on its systems to connect banks, businesses, and mobile to the last consumer while securing users’ data,” he explains.
In addition to that, Namanya said that both companies he is working with are certified by the National Information Technology Authority (NITA-U) and Payment Card Industry Security Standards Council (PCI SSC).
According to Namanya, the invention not only aims at creating an employment channel but also promoting innovation in Uganda as well as the globe due to the increasing internet population.