A challenge of VSLA in general is that the records of savings and loans can easily get lost or stolen. This means, the groups cannot build a reliable track record of their repayments which could qualify them for traditional banking services in the future.
Through blockchain, this challenge can be tackled for the YESS VSLA by providing a platform which can even be used in the poorest community. With a renowned, experienced provider of blockchain technology, YESS Impact has been working to bring digital solutions to the VSLA.
Built with blockchain technology, the program improves record-keeping, transparency and security while providing groups with a financial history that can be shared with Microfinance institutions (MFIs) to boost access to credit to grow their businesses. Through the use of simple internet-access phones which are locally available, VSLA members insert their savings and loan information in an app.
Inauguration of the blockchain project in Uganda
Community members trying out the blockchain based app during a workshop
Blockchain Technology for Transparency in Uganda
A challenge of VSLA in general is that the records of savings and loans can easily get lost or stolen. This means, the groups cannot build a reliable track record of their repayments which could qualify them for traditional banking services in the future.
Through blockchain, this challenge can be tackled for the YESS VSLA by providing a platform which can even be used in the poorest community. With a renowned, experienced provider of blockchain technology, YESS Impact has been working to bring digital solutions to the VSLA.
Built with blockchain technology, the program improves record-keeping, transparency and security while providing groups with a financial history that can be shared with Microfinance institutions (MFIs) to boost access to credit to grow their businesses. Through the use of simple internet-access phones which are locally available, VSLA members insert their savings and loan information in an app.