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Alternative for Individuals in East Africa in Need of Low Cost, Easy Access Financial Assistance

Qiribu works with employers to set up a system where employees can request and receive a portion of their earned wages at any point during the pay period, and the employer reimburses Qiribu at the end of the pay period.  “In addition to providing a convenient way for employees to access their earned wages, we are going to add other financial services such as budgeting tools and financial education resources to help workers better manage their finances,” Dan Wasswa, the startup’s CEO and co-founder, told Disrupt Africa. Such products are common in some other African markets, especially South Africa, where competition is fierce, but less so in East Africa. Wasswa said this realisation had come to his team while working another fintech-focused product a couple of years ago. “In late-2020 we were working on creating a neo-bank specifically for the Ugandan market, but as we did more research and talked to potential users, we realised that the issue wasn’t just about the user interface or usability,” he said. The startup has seen slow early growth, but has plenty of interest. Its first client, a company with 30 employees, has 10 active users of its product, while more are soon coming on board.

DISRUPT AFRICA