Shifting economies by making money accessible
In Uganda, there is only one bank branch for every 100,000 people.
Chims Enterprises MTN Mobile Money was launched in August 2009 by Norman and Fiona Mutekanga to provide a convenient, secure, and affordable way of sending and receiving money to people who were desperate be included in economic activity.
An initial investment by GroFin of US$198,020 in March 2011 for the establishment of mobile money centres [MMCs] got the company off the ground. The service allows MTN customers and the general public to transfer money from one phone to another through mobile accounts.
Continued business development support from GroFin resulted in Chims becoming one of the fastest growing businesses in Uganda.
In 2011, GroFin invested an additional US$356,227 in Chims, to further its expansion.
The company now allows users to not only transfer money, but also to pay for utilities and services, and make withdrawals from participating Bank ATMs. Chims employs 160 people directly, and has indirectly created job opportunities for many more. With a 38,500 strong customer base that grows daily, Chims will continue to help people create their own economic opportunities for years to come.