Financial inclusion refers to efforts to make financial products and services accessible and affordable to all individuals and businesses, regardless of their personal net worth or company size. Financial inclusion strives to remove the barriers that exclude people from participating in the financial sector and using these services to improve their lives. It is also called inclusive finance. As defined by Mitchell Grant. December 26,2020.
FIT INSIGHTS has developed a financial inclusion program called Maalicard.
Maalicard aims at developing and deepening the penetration of consumer financial products and services using technology as a medium of outreach. It supports both individual or non-individual accounts while building a network of agents/merchants accepting the cards or e-payments, card sales for individuals and corporate /Institutional users. Maali technology allows for multi-currency, for a single card holder, savings, deposit, transfer, inward remittances, P2P payments and also offers rescue loans to individuals with digital savings with out terminating their saving plan. The service is seamless, transparent, affordable and easily accessible.
Example of Services Intervention are :
Produce Off Takers: Buy Cashless with Maali Produce Off Taker Management Software. This enables producers to remotely monitor produce buyers at multiple rural stores/warehouses while controlling cash release centrally at the main office.
Maalipot : Free Online wallet that is linked to the different collection and payout options. You can use MaaliPot to pay for services like water, Yaka, DSTV, Merchants, Internet, or buy airtime; it can be used for P2P payments, domestic transfers, and Self-managed upload.
Maalisave: All Maalipot users automatically are entitled to a free Maalisave account that allows them to Start Saving. Enable Saving options for a day, weekly, or monthly and fixed term of your withdrawals to any interval starting 1, 3, 6, 9, and 12 months
Maaliloans: These are considered to be rescue loans that can be taken anytime and active within 3 Seconds. It is important you have an active Maalisave account with about minimum saving of 300,000 UGX, the cost of 6.5% p.m. You are expected to return the funds within 30 days.
Maalicard is a pre-paid debit card that is linked to the Maalipot (Mobile or Web Account) for ease of management of your business accounts. The card is a Chip & PIN, that is secured with a 4-digit password. The card can be issued to both individuals and corporate organizations.
Maali Accepting Merchants : Appropriate for one in Business, it is the way to go, have a Maalicard cash collection, no cost your business, be paid by the clients using the maalipot seamless and realize your payment less than 24 hrs.
Maalipay is a web Payment link that is a securely generated web address that allows you to collect funds or cash from your customers. It can be used on websites, Facebook, by individuals/businesses in the e-commerce, or by an organization with web-based services.
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visit : web.maalicard.com