FLT develops and supports financial technologies for SACCOs & Microfinance Institutions (MFIs). The company also manages the network & server infrastructure, to allow management to focus at their core business. The company’s cloud computing approach whereby it sets up and manages the inter-branch connectivity for just $20/month instead of the ordinary cost of $300 per branch per month, has made Financial Inclusion technology more affordable.
FutureLink Technologies (FLT) is scaling up the adoption and usage of MSACCO.
MSACCO is a Mobile banking switch that enables thousands of members of SACCOs transact with their respective SACCO accounts, to deposit, withdraw, check account balances and mini-statements through their phones and ATMs.
While many formal financial institutions (like commercial banks) have now integrated to different mobile money platforms for Push & Pull functionality, MSACCO is the first-in-market extension of the mobile money to SACCO members. The project aims to boost financial inclusion by improving access, transparency and convenience to SACCO members, and extending “bank-like” financial service channels to the underserved across Uganda. Additionally, it will extend the most cost effective financial services channel to the target.