eMaisha Pay Company Profile

Background

Overview

eMaisha Pay is a financial services platform headquartered in Kampala, Uganda, dedicated to enhancing financial accessibility for micro and small agribusinesses across Africa. Established in 2021, the company leverages technology to provide tailored financial solutions, including savings accounts, payment processing, and credit services, specifically designed for the agricultural sector.

Mission and Vision

The mission of eMaisha Pay is to empower Africa's agribusinesses by offering convenient, flexible, and accessible financial services. The vision is to become the leading financial partner for smallholder farmers and agribusinesses, facilitating their growth and resilience in the agricultural value chain.

Primary Area of Focus

eMaisha Pay focuses on providing digital financial solutions to micro and small agribusinesses, addressing challenges such as limited access to credit, inadequate savings tools, and the risks associated with cash transactions. By offering a mobile platform and prepaid card, the company enables businesses to save, transact, and access non-collateral working capital efficiently.

Industry Significance

In the context of Africa's rapidly growing population and urbanization, agribusinesses play a crucial role in food production and economic development. eMaisha Pay's services are significant as they bridge the financial inclusion gap, providing essential tools for agribusinesses to thrive and contribute to the continent's food security and economic stability.

Key Strategic Focus

Core Objectives

Financial Inclusion: Expand access to financial services for underserved agribusinesses.

Digital Transformation: Digitize financial transactions within the agricultural value chain.

Sustainable Growth: Support the growth and resilience of smallholder farmers and agribusinesses.

Specific Areas of Specialization

Digital Payments: Facilitate secure and timely payments between agribusinesses and their stakeholders.

Non-Collateral Credit: Provide working capital solutions without the need for traditional collateral.

Financial Literacy: Enhance financial management skills among agribusinesses.

Key Technologies Utilized

Mobile Applications: Offer a user-friendly interface for financial transactions.

Prepaid Cards: Enable cashless transactions and financial management.

Alternative Credit Scoring: Utilize machine learning and psychometric data to assess creditworthiness.

Primary Markets Targeted

eMaisha Pay primarily targets micro and small agribusinesses across Africa, with a particular focus on Uganda. The company aims to serve the over 250 million smallholder farmers who are integral to the continent's agricultural sector.

Financials and Funding

Funding History

eMaisha Pay has secured a total of $650,000 in funding. The most recent funding round was a seed round in January 2024, where the company raised $100,000 from The Baobab Network.

Notable Investors

The Baobab Network: A venture capital firm supporting African startups.

COREangels MEA: An angel investment network focusing on the Middle East and Africa.

Hustle Fund: A venture capital firm investing in early-stage startups.

Utilization of Capital

The raised capital is intended to scale eMaisha Pay's operations within Uganda and expand into other African markets. The funds will be used to enhance the platform's technological infrastructure, develop new financial products, and strengthen partnerships with stakeholders in the agricultural value chain.

Pipeline Development

Key Pipeline Candidates

eMaisha Pay is developing several initiatives to enhance its service offerings:

eMaisha Verve Card: A prepaid card designed to facilitate secure and timely payments for farmers and agribusinesses.

Mobile Application Enhancements: Ongoing improvements to the mobile platform to offer a more seamless user experience for financial transactions.

Stages of Development

The eMaisha Verve Card has been launched and is operational, with plans for wider distribution. The mobile application is continually updated to incorporate user feedback and technological advancements.

Target Conditions

These initiatives aim to address the financial inclusion challenges faced by smallholder farmers and agribusinesses, providing them with accessible and efficient financial tools.

Anticipated Milestones

Expansion of User Base: Increase the number of active users of the mobile application and Verve Card.

Geographical Expansion: Extend services to additional African countries.

Product Diversification: Introduce new financial products tailored to the needs of agribusinesses.

Technological Platform and Innovation

Proprietary Technologies

Alternative Credit Scoring Model: Utilizes machine learning algorithms and psychometric data to assess the creditworthiness of agribusinesses without traditional collateral.

Significant Scientific Methods

Data Analytics: Analyzes transaction data to provide insights and financial management tools for agribusinesses.

Machine Learning Algorithms: Enhances the accuracy and efficiency of credit scoring and financial product offerings.

Leadership Team

Key Executives

Sserubiri Uhuru: Co-founder and CEO. With over a decade of experience in agribusiness and technology, Uhuru has been instrumental in developing eMaisha Pay's vision and strategic direction.

John Kiwanuka: Co-founder and Chief Commercial Officer. Kiwanuka brings expertise in business development and partnerships, focusing on expanding eMaisha Pay's market presence.

Jovan Mutesasira: Co-founder and Chief Technology Officer. Mutesasira leads the technological development of eMaisha Pay's platform, ensuring scalability and security.

Competitor Profile

Market Insights and Dynamics

The African fintech landscape is rapidly evolving, with a growing emphasis on financial inclusion and digital transformation. The market for agribusiness financial services is expanding, driven by the need for accessible and efficient financial solutions for smallholder farmers and agribusinesses.

Competitor Analysis

eAgro: A Zimbabwe-based fintech utilizing data analytics and machine learning to provide low-cost financial credit solutions tailored to unbanked and underserved farmers.

mOtito: A Ghanaian "buy now, pay later" platform offering interest-free credit at the point of sale, promoting financial inclusion and increased access to credit in Africa.

Strategic Collaborations and Partnerships

eMaisha Pay has established significant partnerships to enhance its service offerings:

Interswitch: Partnered to digitize payments in Uganda's agricultural value chain, facilitating secure and timely payments for farmers and agribusinesses.

The LHoFT Foundation: Selected for the CATAPULT: Inclusion Africa program, providing mentorship and resources to scale operations.

Operational Insights

eMaisha Pay differentiates itself through its focus on the agricultural sector, offering tailored financial solutions that address the unique challenges faced by agribusinesses. The company's strategic partnerships further strengthen its market position and capacity for innovation.

Strategic Opportunities and Future Directions

eMaisha Pay aims to expand its user base, diversify its product offerings, and extend its geographical reach across Africa. By leveraging technology and strategic partnerships, the company is well-positioned to achieve its objectives and contribute significantly to the financial inclusion of agribusinesses.