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Tag: Innocent Kawooy

  • Credit Line is Breaking Barriers to Credit Access in Malawi Through FinTech Innovation

    Credit Line is Breaking Barriers to Credit Access in Malawi Through FinTech Innovation

    Accessing credit has long been a major challenge for many in Malawi—especially low-income earners and the unbanked. Traditional loan processes are slow, complicated, and often demand collateral that many simply don’t have. But one Malawian start-up is changing this narrative through the power of Financial Technology.

    Credit Line Limited, featured on Day 5 of the #40Days40FinTechs Zambia and Malawi Edition, is using a digital-first approach to make credit more accessible, inclusive, and user-friendly. Founded in 2024, Credit Line offers a platform that provides instant access to loans, buy-now-pay-later services, insurance, and even investment products.

    “We built a solution that lets employed individuals access credit easily without the need for collateral. Employment is enough security,” said Deborah Mijoso, Co-Founder of Credit Line.

    The platform is available through both mobile app and USSD, allowing users to access services anywhere, anytime. By partnering with employers and lenders, Credit Line ensures employees can receive credit quickly and repay through manageable installments. Their “buy now, pay later” service also allows customers to acquire goods from partner stores and pay over time—easing the financial burden on everyday Malawians.

    So far, the FinTech has made significant strides, securing partnerships with three financial institutions, two major employers, Centenary Bank (for disbursement and collections), and TransUnion Credit Bureau (for credit checks). Already, it’s helping hundreds gain access to credit with dignity and ease.

    Despite challenges like low financial literacy, limited digital infrastructure, and resistance to tech adoption, Credit Line remains optimistic.
    “We believe initiatives like 40 Days 40 FinTechs will accelerate our growth and help us reach more partners and customers across Africa,” Mijoso added.

    The #40Days40FinTechs initiative, now running in Zambia and Malawi after a successful five-year run in East Africa, is spotlighting digital innovators solving real-world problems. With over 200 stories told so far, the campaign—powered by HiPipo—aims to promote financial inclusion and empower African start-ups with tools like the Level One Project, Mojaloop, and inclusive finance systems.

  • Insure Small Small is using Technology to serve the ‘forgotten consumer’

    Insure Small Small is using Technology to serve the ‘forgotten consumer’

    More Ugandans are set to access health insurance following the introduction of Bomba MED, a micro health insurance product on the market.

    Innovated by Insure Small Small– a micro insurance strategy for the “forgotten consumer”, Bomba MED is a micro insurance product for malaria and typhoid.

    According to the Insure Small Small founder and Chief Executive Officer Oscar Ofumbi, they launched with the BombaMED, after noticing that statistically, malaria affects 10 million Ugandans, and 23% of Out Patient visits are due to malaria.

    While the cost for treating malaria is affordable, he says sicknesses strikes when least expected, hence the need for insurance protection. The Bomba– Dawa plan costs UShs5,000(USD 1.4) monthly.

    Ofumbi notes that due to COVID-19 and its economic shocks, access to life saving but high priced essentials like medical insurance has been impacted hence the need to curve out niches attuned to the customer’s need.


    Ofumbi notes that insurance penetration in Uganda has stagnated at below 2% for long, simply because traditional insurance is broken, evidenced by supplying the same products through different channels, with no regard to innovation or delivery.

    This, he adds, has created a forgotten consumer and thus the need to reinvent.

    He defines a forgotten consumer as an economically active consumer who has been left out of insurance coverage.

    “We hope that by focusing on the forgotten consumer and building user generated demand, we will contribute to the greater ecosystem.”

    How Insure Small Small works 

    Ofumbi says that their platform has fused five unlikely verticals into one application across disease diagnosis, treatment, logistics, e-commerce and technology and a user can self-onboard.

    “We have built a USSD application *284*89# from which a user can self-onboard, buy a policy using mobile money and file a claim. The clinic/pharmacy uses the same USSD Code to verify the claim and we make an instant payment to the partner’s wallet via mobile money.”

    The InsurTech has also integrated Level One Project best practices, taking advantage of the low cost USSD technology, and weaving it into a futuristic technology, enabling them to programmatically create a USSD-smart contract.

    This makes an instant payment upon verification of a claim and since USSD can be accessed on low cost devices, they are thus able to reach the target audience.

    Ofumbi notes that InsurTech plays a crucial role, noting that if used rightly, the rich data generated by InsurTechs has potential to positively contribute to financial inclusion through identification of the ‘unserved’ but potentially profitable niche markets, best served using low cost technology tools.

    However, he notes that the InsurTech sector is currently grappling with limited opportunities for strategic partnerships as the indigenous local insurers have zero appetite for innovation while the majority of foreign insurers are filled with decision red tape.

    Additionally, the insurance structure presents huge challenges, as InsurTechs are up against incumbents that have deep pockets and reinsurance players that stifle innovation because they refuse to understand innovation which is a new way of doing an old thing.

    40-Days 40-FinTechs

    Insure Small Small is among the firms participating in the ongoing edition of the 40-Days 40-FinTechs initiative, organized by  HiPipo in partnership with Crosslake Technologies, ModusBox and Mojaloop Foundation, and sponsored by the Gates Foundation.

    He commended HiPipo for the initiative, saying it has brought about teamwork and networking, to enable players complement each other.

    “There is a saying that if you want to go near go alone, if you want to go far travel with others.”

    “This is a perfect initiative and strategically I foresee opportunities for established teams to acquire smaller ones,merge with others or get acquired thus strengthening the ecosystem.”

    The HiPipo Chief Executive Officer Innocent Kawooya says through this edition, FinTechs have shown a plethora of solutions, seeking to solve unique sets of challenges.

    “Insure Small Small has come up with an e-health product targeting the underserved, who are the majority. It fully runs on USSD which makes it accessible to anyone with a phone. This is a step in the right direction.”

    He adds that FinTech is the launchpad on which the promise of full global financial inclusion will be fulfilled.