Awash Bank and Service Cops, one of Uganda’s top Financial Technology and Business Process Outsourcing (BPO) firms, have achieved an additional milestone agreement to extend their digital-strategy support partnership, which began in April of last year.
Awash Bank is one of the leading financial institutions in Ethiopia, with a history that spans over 25 years. Founded in 1994, the bank has been providing banking services to Ethiopians, and it has since grown to become the largest commercial bank in the country. With over 800 branches across Ethiopia, Awash Bank has positioned itself as a strong player in the market by offering innovative and competitive financial solutions for its customers.
On April, 25, 2022, the duo entered into a partnership for Service Cops to roll out its one-of-a-kind School Suite solution. Eventually, other products would follow. Following the successful rollout of School Suite, the parties have now agreed to expand the scope and portfolio of solutions.
Service Cops is the first Ugandan-based fintech to enter the Ethiopian market and one of the few Ugandan fintech companies to do so. Ethiopia, one of Africa’s ten biggest economies by GDP and the second-most populous, is a key market in Service Cops’ growth strategy as the fintech firm seeks early leadership outside of the East African Community. Service Cops already has a significant presence in Eastern and Southern Africa and is looking to expand into all of Africa’s and Asia’s emerging economies, focusing on the major economic blocs: the East African Community (EAC), the Southern African Development Community (SADC), the Economic Community of West African States (ECOWAS), and the Association of Southeast Asian Nations. (ASEAN).
As claimed by platforms in Uganda, Service Cops will initially offer digital loans to Awash Bank customers before extending them to non-bank customers in all ecosystems linked to the bank. A digital loan is a loan that is obtained through an online platform or mobile app, without the need to visit a physical bank or lender. Digital loans offer convenience, speed, and accessibility to both borrowers and lenders. They are often less cumbersome than traditional bank loans and provide quick access to funds, making them an attractive option for those who need quick cash.
Service Cops will now collaborate with Awash Bank to bring immediate microloans to the Ethiopian market. “The offering will be phased initially to serve Awash Bank customers, but will gradually be extended to other non-Bank customers in all ecosystems linked to the Bank in the various industries platform,” said Mathias Kamugasho, Managing Director of Service Cops.
“We will also assist the bank in rolling out several digital platforms in the insurance sector, retail outreach, relief and aid distribution, as well as strengthening the bank’s capacity to integrate and add several digital offerings to its customers,” he added.