Zofi Cash Weekly: Edition XI

Welcome to the 11th edition of the Zofi Cash Weekly newsletter! As we continue into the second quarter of 2023, we are excited to bring you the latest updates from our platform. This week, we will be recapping our two recent blog posts which covered topics on budgeting for young professionals and the importance of credit scores for Uganda. We understand the importance of financial literacy and education, and our blog posts aim to provide valuable insights to our readers. In addition to our blog posts, we have also been working on exciting developments on the Zofi Cash platform, and we can't wait to share them with you. Stay tuned for more updates, and thank you for your continued support!

Budgeting is an essential skill that everyone needs to have to manage their finances effectively. However, it is particularly crucial for young professionals in Uganda who are just starting their careers and may not yet have a firm grasp on their income and expenses. By creating a budget, young professionals can take control of their finances, prioritise their spending, and plan for their future. In this article, we’ll explore why budgeting is so important, how to create a budget, and provide some tips for sticking to it. Read here.

In Uganda, a credit score is a three-digit number that is used by lenders to determine whether or not to approve a loan application and what interest rate to offer the borrower. Credit scores are based on an individual’s credit history and serve as a measure of their creditworthiness. Having a good credit score is critical for Ugandan consumers who want to access loans, credit cards, and other financial products on favourable terms. In this article, we will discuss the steps that Ugandan consumers can take to improve their credit scores and access credit on favourable terms. Read more here.

Chart of the Week.

Active mobile money users, as defined by the Bank of Uganda, are those who have made at least one transaction over a 90-day period. The data from the Bank of Uganda shows a steady increase in the number of active mobile money users in Uganda over the past five years. From 6.2 million users in 2017, the number has increased to 25.4 million in 2022. This growth can be attributed to the increasing adoption of mobile money services in Uganda, as well as the convenience and accessibility that mobile money services offer.

However, the data also highlights a significant difference between the number of registered mobile money users and active mobile money users. For example, in 2022, there were 39 million registered users, but only 25.4 million active users. This suggests that a significant proportion of registered users do not use mobile money services frequently or at all. The reasons for this could be varied, such as lack of access to mobile phones or network connectivity issues. Therefore, while the increasing number of registered users is a positive trend, it is important to focus on encouraging registered users to become active users by addressing any barriers to usage and promoting the benefits and convenience of mobile money services.

What Else?

Get ready for an exciting Derby Day at Fast Sports Fusion UG as Zofi Cash takes on second-placed Mazars in the Auditor's League. The clash of the titans is set to be an unforgettable showdown that will have football fans on the edge of their seats. As Zofi Cash aims to maintain their position at the top of the league, 玛泽咨询 will be looking to close the gap and secure a vital win. The match promises to be action-packed and filled with plenty of thrills and spills, so make sure to invite a friend and come witness the excitement first-hand. Don't miss out on this epic battle between two of the best teams in the league!

About Zofi Cash:

Zofi Cash is a digital financial platform that takes care of employees’ financial emergencies before payday by providing instant salary advances. Download our app from the Google Play store and Apple Store to get started or visit our website?here.?Follow our blog for articles about personal finance news and the work that we do.