Electronic Dollar a Day

In context of a very poor saving culture and high financial insecurity among rural subsistence farmers in Eastern Africa, these innovators; Engineer Daniel Byamukama, Ms. Diana Nakiyingi, Mr. Emmanuel Lule and Mr. Paul Bakaki came up with EDAD (Electronic Dollar a Day) saving box which they believe will address this problem.

Electronic Dollar Day is an innovation being incubated under ResilientAfrican Network an organisation supported by USAID.  The organisation is placed under Makerere School of Public Health and it aims at strengthening resilience in Africa through innovative solutions. 

 Eng. Byamukama saw the struggle of the rural farmers in an attempt to acquire solar systems. They saved using the traditional ways which is not effective. This therefore triggered the idea of this wonderful innovation

“As they say need is the mother of invention. There was need to help people who wanted to buy solar systems to afford them through instalments. I thought if they could send one dollar every day to the solar supplier then ultimately they could get enough money to buy the whole solar system,” noted Eng.  Byamukama who is the team leader.He (Eng. Byamukama) therefore went to seek corporation with Makerere University College of Computing and Information Science (CoCIS) where he met Mr. Paul Bakaki a lecturer at this college. Through CoCIS he got to know about Makerere University School of Public Health ResilientAfrica Network.

They therefore decided to join the ResilienceInnovation Challenge 4 Adverse Climate Effects (RIC4ACE) that was organised by Makerere University School of Public Health ResillientAfrica Network and they were shortlisted for the grant. With the rising access to mobile phones these intelligent innovators have created an electronic platform that will disrupt current approaches to saving by bringing the savings bank teller service to the mobile phone.

How is this innovation going to work?

This innovation that is computer based with cloud hosted server is to work hand in hand with other technologies like mobile money.

1.     It will require the user to go to the mobile money agent so that his /her money is deposited to the mobile phone.
2.     The user will then use a USSD code from Uganda Communications Commission (UCC) where he/she will dial the three digits.
3.     A menu will be displayed on the mobile phone with options like; deposit income, open a fixed deposit account, withdraw, check balance among others. The user will then choose the most suitable option and follow the prompts.

This will therefore enable users to cause money to leave the mobile phone and go to the electronic saving box.

The innovation will save time since it doesn’t require one to make disruptive movements and queues so as to withdraw or deposit money, it will also limit one with a fixed deposit account from withdrawing  money any time he feels like thus enhancing saving. The innovation will also offer high financial security.

In line with ResilientAfrica Network’s mission of strengthening resilience in Africa through innovative solutions, this amazing team sights that EDAD will make it very easy for rural household to make targeted savings for household level development and risk mitigation.

This project will also help members of the communities to be able to form groups, transact amongst themselves, lend, and plan investment at that level thus meeting shocks as they arise.

The team looks at its association with Makerere UniversitySchool of Public Health ResilientAfrica Network (RAN) as their biggest achievement. They believe that 100,000 USD grant they got from the RIC4ACE is going to help them take this innovation to the next level where there will be a universal platform for paying, saving and collecting micro money.

Just like any new approach the innovators sight anxiety as their biggest challenge.

“We are always anxious and we don’t know what will follow next after every step that we take,” says Mr. Byamukama.

Being an innovator Mr. Byamukama believes that patience is one of the requirements that one should have. He also looks at team work and persistence as essential since it keeps one focused.