Advancements in technology have come with several innovations. Today, you can almost do everything with the help of technology. Among the new things that people are doing digitally is investment. Technology enables one to invest in intangible yet profitable ventures instead of investing in tangible things (buying land, home assets, or domestic animals). Even though this comes with its unique challenges, when done right and with the right people, it yields results.
In Uganda, among the players that are offering digital investment opportunities is Cyanase, a platform founded by students of Makerere University.
According to Mark Obini, the Cyanase Chief Marketing Officer, the platform’s ultimate goal is to use financial technology to make investment accessible to everyone including the underdeveloped markets.
“At Cyanase, we have three major products. We have the web platform, API, and fund managers’ portal. Each of these platforms serves a different customer. The web platform is for daily users. It enables them to understand how the different investments work before they start investing in them. The API is a technology that a FinTech or Bank can integrate into its platform and use it to serve its customers. The fund managers’ portal is for the managers who manage the investment. We offer our customers different investment products such as unit trust, treasury bills and bonds, and real estate, among others,” Mark Obini said.
He added: “We are regulated by the Uganda sandbox that is operated by the Bank of Uganda. This regulation makes us authentic as it allows us to operate. So far, we have close to 3,000 subscribers and about 1,000 active investors.”
Obini noted that their biggest challenges so far are funding, market awareness and reach. He nonetheless noted that thanks to their participation in the 40 Days 40 FinTechs initiative last year, they have been able to onboard a fund manager and are also in progressive discussions with potential investors.
“Before we featured on 40 Days 40 FinTechs, the market didn’t know us that much. But after this, our awareness and interest from potential customers grew. We now seek more collaborations with like-minded people to further scale this platform and serve more people.”
Cyanase has featured on Day 17 of 40 Days 40 FinTechs initiative Season 5.
Run under HiPipo’s Include Everyone program that also encompasses other initiatives such as FinTech Landscape Exhibition, Women in FinTech Hackathon, Summit & Incubator, and the Digital and Financial Inclusion Summit and Digital Impact Awards Africa; the #40Days40FinTechs platform aptly provides a setting for the various players and stakeholders involved in digital and financial technology to exhibit their products and services. It also gives players a platform to share their ideas on how the unserved and underserved by the present financial systems can be brought into the fold.
With over 150 participants in the last four years, #40Days40FinTechs continues to be the world’s premier showcase event for innovations that are enabling underserved populations to join the digital economy space. We know that this can only get better owing to the inspiration and collaboration of our partners; Level One Project, Mojaloop Foundation, INFITX, Cyberplc Academy, Ideation Corner, and Crosslake Technologies. Most importantly, the initiative owes its continued success to the generous support of the Bill and Melinda Gates Foundation.
