Dahabshiil has provided seed capital to two innovative start-ups founded by young entrepreneurs in Uganda as part of a programme co-sponsored by the US Embassy in Kampala
Dahabshiil has invested in GSM-based agriculture market solution, MoBFIT (mobile business financial information tool), which allows farmers to pre-sell their produce to buyers before harvest. MoBFIT is an agricultural supply chain management software that will directly connect rural farmers to buyers in the market at a low cost through SMS technology. It aims to broaden the market for grassroot farmers, reduce the cost of marketing farm produce and the dependence on middlemen.
Yaka Ko, an emergency power credit service to help clients enjoy uninterrupted power usage, is another initiative that Dahabshiil has invested in.
These initiatives were presented in an event conducted by a social-impact organisation, Affinis Labs, co-sponsored by the US Embassy in Kampala. Titled ‘Hackathon’, the event brought together young social entrepreneurs and had six teams compete in an intense race-against-the-clock to develop business propositions to meet key market needs and create jobs. Affinis Labs managing partner Quintan Wiktorowicz said, “The event was designed to unlock talent, creativity and innovation amongst Ugandan youths in order to help create jobs and reduce unemployment.”
Dahabshiil CEO Abdirashid Duale said, “Both MoBFIT and Yaka Ko, alongside many of the other business ideas presented at the Hackathon, are an incredible demonstration of the power of young people to drive social and economic change.”
In addition, local startup incubator GoBigHub has offered free mentoring to all of the hackathon participants through its partners Bytelex, Azems Value Add, and Strategy Consults, thereby ensuring that all the teams receive support to turn their business ideas to reality.