The days to largely depend on telecoms companies’ mobile money services to transfer money on phones are coming to an end after local developers innovated a mobile application that can move money from the user to another at even lower costs.
The new financial technology (fintech) solution called Cash Chat was developed by Bold Cashers Limited, a Ugandan technology company is powered by PesaMoni, a global payment gateway.
According to Mr. Asher Namanya Asanasio, the Chief Executive Officer of Bold Cashers Limited and developer of the Cash Chat mobile app, over 20, 000 Ugandans are using the app while over 400, 000 globally are transacting on the Ugandan made app.
Mr. Namanya said a user can move an equivalent of $2000 in a single transaction at a cost of Shs2000 only. This means that Cash Chat provides the lowest cost of transferring money in and outside Uganda.
He said they have partnered with the leading telecoms in Uganda, East Africa, and Africa to make sure users can send and receive money seamlessly. They have integrated the Visa Card and Master Card services to facilitate money transfer outside Africa.
“We are an authentic company that believes that the future of developing countries like Uganda and others in Africa is in investing in technology and in innovations like Cash Chat mobile app. We are facilitating the process for Africa to become cashless,” Mr. Namanya said at a press conference in Kampala on Friday.
“We are looking at having a unified one stopover product where you can be able to chat, transfer money and many other things. Our vision is to connect the world through financial technology and social media,” Mr. Namanya told journalists in Kampala.
On the App which can be downloaded from Google’s Play Store, you can also chat with friends and family the same way you do it on WhatsApp. This, according to Mr. Namanya was done to integrate financial technology and social media.
“We looked at social media and realized that they are some things that are lacking. Fine, you can chat but then it will require you to go to another app or place to send money. It is tiring.
“We need to do more than chat, so we integrated financial technology within social media. We bring that seamless movement of money while you are chatting and talking to your friends and family.
“Sometimes you can travel to Kenya or anywhere and you want to send money back to Uganda and you cannot access mobile money but have only say Facebook, Twitter, and others. But with Cash Chat, you can interconnect with your family, friends, workmates and at the same time you can share money on the same platform,” Mr. Namanya explained at the press conference.
Mr. Edgar Ofoyuru, the Products Designer at Bold Cashers Limited, speaking at the press said the Cash Chat mobile app which has been in development for two years helps users to transfer money, advertise products, chat with people in their phone contact list and professional networks, upload statuses and make voice and video calls
“The Cash Chat mobile app is unique in a way that you can chat and promote something you are interested in through a new business dimension that involves advertising on the mobile app. As a designer and technical division team, we have focused more on providing a good and unique user experience,” Mr. Ofoyuru stated.
Bold Casher hired the services of Kenneth Kimuli aka Pablo, Uganda renowned comedian as a brand ambassador. Mr. Kimuli said the app will Ugandans especially the youth to improve on the way they do business.
“If you have noticed, people today literally move with their phones in their palms; this means that mobile phones are driving people's lives. And at Bold Cashers we thought of how we can help them live a productive life instead of them talking about everything and saying nothing,” Mr. Kimuli noted.