By Prossy Namiiro
Uganda’s Financial Technology is growing bit by bit with several companies coming up with different applications that are life-changing.
Well, a company called Mihasoft has made a financial Technology Application called MihaPay that lifts accountants’ workload of entering receipts into the data system off their shoulders. The application helps users to send, receive, pay bills and make transactions without using automated machines, phones, banks, and phones.
The team lead at Mihasoft, Fenando Aruho explains that all that one needs is just his thumbprint to access one’s financial information.
“We assumed a world without physically touching money and we came up with an idea to create an application whereby one’s thumb is his or her bank account. As long as one has an account with MihaPay, he can be able to withdraw money with his thumbprint, buy food from a supermarket or shop, pay bills and make transactions without having money physically…,”
Asked how MihaPay is unique from other existing applications, the project lead at Mihasoft, Samuel Ernest told The Kampala Sun that the application saves receipts and Financial statements and if used, could do the financial calculations and save time.
“It’s very unique in many ways. Firstly, it’s going to erase physical money because we shall be using only fingerprints. And for those universities and institutions facing the problem of delay in clearances because an accountant is entering the receipt details in the database, this will be synced with their systems, so that when someone pays, he or she is cleared automatically…,” Ernest says.
The problem in Africa is that all innovators do not put into consideration the village man in Kayunga, Bukomansimbi, or Kyanamukaaka. They all take the direction of the digital era leaving out the common peasant. Ernest says these have not even been left out since an account holder can make transactions even without a phone or data and will be connected to other financial institutions.
Stories of fraud in Uganda are at a high. A few months ago, several Ugandans using mobile banking applications reported that their money was being stolen by hackers and this has since discouraged Ugandans from using these applications. Mihasoft could face the same challenge despite Ernest’s defense that the use of a fingerprint is secure enough.
The Ntinda based company awaits documentation to kickstart its project according to Aruho although he laments the huge capital needed to bring the dream to life. He urges companies, Financial institutions, and government organizations to give greenlights to the application for a better Uganda.
“We are in the final stages where we are working on documents to bring this application to life. Of course, we need so much capital to kickstart it but I believe we shall get it. I request all national and international institutions and companies to support our cause because this will help the country and the world over…,” he said.