Technology continues to change how different businesses are done. Before the twenty-first century, it was unheard of for one to order for a motorbike or car, get picked from their location and be taken to a place of his/her choice.
But with technology, several innovations have been brought onto the market. In the last decade, ride-hailing platforms have become popular among travelers as they offer convenience, are pocket friendly and flexible.
The latest player to come onto Uganda’s ride-hailing market is Faras Technologies; a “pioneer of the continent’s ride-hailing economy and on-demand transport services.”
Faras operates both a customers and drivers/captains’ APPs. Captains are enrolled using the drivers’ APP, and trained before they start providing travel services, while customers only need to download the customers’ APP on Google Play or Apple Store and start ordering for trips.
“We have been here for two years and now looking forward to the third year and more years in Uganda and across Africa. On average, we get about 150 new customers every day in Uganda. More than 40,000 customers have downloaded our APP and are actively using it for their travel needs. As of June, 2024, we had about 25,000 captains offering car and boda boda hailing services,” Karim Katende, the Head of Marketing for Faras Technologies said.
He added; “Minus Uganda, we also operate in Kenya, Tanzania, Sudan, and Ethiopia while looking to expand to other countries. Transactions with our Captains are all cashless. We are upgrading our platform to roll out cashless payments for customers, cashbacks, and other gifts before the end of this year.
Faras Technologies has featured on Day Two of 40 Days 40 FinTechs initiative, Season Five.
Run under HiPipo’s Include Everyone program that also encompasses other initiatives such as FinTech Landscape Exhibition, Women in FinTech Hackathon, Summit & Incubator, and the Digital and Financial Inclusion Summit and Digital Impact Awards Africa; the #40Days40FinTechs platform aptly provides a setting for the various players and stakeholders involved in digital and financial technology to exhibit their products and services. It also gives players a platform to share their ideas on how the unserved and underserved by the present financial systems can be brought into the fold.
“We are happy to kick off Season Five of 40 Days 40 FinTechs. Last year, we focused on end-user experiences and this year, we will focus on the innovativeness of the FinTechs. We are going to have candid discussions with FinTechs about their innovations and latest upgrades and what impact they envision these products and services and upgrades will have on their customers,” Innocent Kawooya, the HiPipo Chief Executive Officer noted.
With over 150 participants in the last four years, #40Days40FinTechs continues to be the world’s premier showcase event for innovations that are enabling underserved populations to join the digital economy space. We know that this can only get better owing to the inspiration and collaboration of our partners; Level One Project, Mojaloop Foundation, INFITX, Cyberplc Academy, Ideation Corner, and Crosslake Technologies. Most importantly, the initiative owes its continued success to the generous support of the Bill and Melinda Gates Foundation.
