Akaboxi provides financial inclusion for Ugandan farming communities

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. 
Already collected € 21.000
Searched budget € 42.000
Location
Oeganda
Project duration
2019 - 2023

The business project

Akaboxi aims to assist farmer associations, who pool their savings, to ramp up production and ultimately also their savings. This support manifests in 5 ways: 

  • supplying high quality seed and seedlings at the start of the planting season increased and easier access to the credit market                                                            

  • a handy and easy to use digital system for tracking individuals’ savings guidance when selling agricultural while seling and training in best practices 

  • job creation for the youth and women in particular

 
A pilot project was launched 5 years ago. The official start date was in October 2017. As things stand at the moment, Akaboxi is active in 21 farmer organizations, which represents a total of 555 farming families. Akaboxi hopes to increase this to 120 organizations in the next 2 years. Akaboxi’s income is primarily derived from the margin it takes on the seedlings it supplies at the start of the season and commission earned for providing support with the marketing of the harvest at the end of the season. 


www.akaboxi.com

photo: Elvis Ssemgowerere

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. 

Investment sought

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. 

Statement

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