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Most Ugandans Don’t Realize They Can’t Do Business Without Credit - Nelson Kituuka, M.D Card Pesa

Nelson Kituuka, the Managing Director of Card Pesa Limited, a digital micro-credit card, responsible for delivering the Pheonix, Uganda's first Digital Credit Card, situated on a mobile money platform, says Credit is very important for people in business if they are to prosper.

The economist believes Ugandans need credit awareness, and Card Pesa sensitizes people about the need to finance businesses using credit.

He explained that the attitude against credit is fostered by the absence of local banks that would be crediting the locals while charging lesser interest rates but businesses in Uganda suffer because banks in the country are mostly foreign-owned.

He says it was the basis for the creation of the Micro-credit Pesa, an infrastructure built on mobile money that lends people money using a digital credit card.

“I always say that if you can fund your business without getting assistance elsewhere, you are not exhausting yourself, and are not acting like a subsistence farmer. Kenya has got Fuliza, a buy now and pay later credit solution, managed by Safari com funded by local banks,” he explained.

He added that people need to understand that businesses are expanded by credit, explaining that farmers can raise their profits to get the input value in their farms.

“Borrowing money is ensuring you can earn more because value addition requires money. If you have a coffee factory, you might realize that the farmers lack funds to transport the coffee to the company. You then have to look for money to buy trucks to transport it,” he said.

Mr. Kituuka further cited Jumia, which came into Africa with a similar vision to Amazon but Jumia had to construct warehouses and find delivery guys.

“We at card Pesa are building the reels on which people in the future will gain credit. The information tells the period they have used the services and money earned to give them credit.”

He informed that the digital micro-credit services will provide user-friendly credit to about 30 percent of the debtors' earnings and will not drain their finances.

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