awamo has announced that it raised 500,000 Euros in its first round of funding to launch a mobile, biometric solution for microfinance lenders in Africa.
The microfinance solution company raised 400,000 Euros from business angels from Europe, the US and the United Arab Emirates and the balance from German and European grantors.
awamo offers a mobile, cloud based hard – and software solution for microfinance lenders in emerging markets. Its solution simplifies the credit management process from A to Z and provides microfinance lenders with a professional credit risk management solution. With reliable biometric identification integrated everyone can get access to microfinance in the future. This empowers millions of people to create their own microbusinesses, thus stimulating sustainable, regional economic and social development.
awamo will use the money collected for developing its prototype to a fully-fledged solution and for the roll out in selected regions of Uganda, focusing on scalability and implementation of further customer and user feedbacks.
