Why OVO believes in this project
Akaboxi Limited Company, a Ugandan enterprise, was established on August 6, 2018. Its head office is in Kampala and it has branches in the Sheema and Kiryandongo districts. Akaboxi offers a digital solution for financial inclusion of local farming communities. It also aims to offer management support to organizations that handle 30 farming families’ savings. Participants in the scheme comprise 95% women and 65% young people. Akaboxi literally means ‘Safe deposit box’. The founders, CEO Businge Joshua Muleesi and financial manager Sarah Athuaire Bariagyia, contributed 50 million Ugandan Shilling themselves, the equivalent of 12,000 euros. Akaboxi employs 5 full-time employees and 2 coordinators who offer support to the organizations. Akaboxi won the Sustainable Technology for Africa Award in 2018 in Kampala.
Akaboxi’s own equity was exhausted to cover the required start-up costs (and losses). Recent grants allocated by international funds have injected new operating capital. To establish a new group costs EUR 420 for the digital materials and support. That means that EUR 42,000 will be required over the next 2 years to launch another 100 groups. Funding has been secured thanks to the OVO Acceleration Fund in collaboration with Close The Gap and Matthieu Boone.
Akaboxi is a powerful project that is driven by two exceptional professional people who have been working on establishing this project for many years with great idealism