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.