E-shagi was designed by local e-commerce company and a mobile and electronic solutions provider, Astro Group.
"I would like to express my sincere gratitude to Astro for inviting me to launch the new solution, which dovetails well with the government policy of promoting new innovations in information communication technology. The platform we are launching e-shagi is a financial technology designed to enhance financial services efficiency to the transacting public," Muswere said in a statement
He said the new ICT solution will enable local financial institutions to leverage on existing platforms.
"The new solution will enable banks, microfinance and other financial institutions to ride on digitalisation without investing in the acquisition of new technology but to leverage on existing advanced lending platforms with service-oriented architecture-based design and straight through processing systems," he said.
The ICT minister said the platform will go a long way in promoting social distancing in line with World Health Organisation recommendations of containing the spread of coronavirus.
"Let me hasten to mention that this launch comes at an opportune time when there is limited movement of the public, hence banks, lending institutions and retail outlets can take advantage of the new technology to do virtual transactions to customer satisfaction, without crowding banking halls and offices," he said.
The minister said the e-shagi platform was in line with the ministry's drive to digitise transactions in most sectors of the economy. He added that institutions could now take advantage of innovations like machine learning, artificial intelligence and blockchain technology for improved financial services.
"This technology will be supported by a highly efficient credit decision-making engine that is designed to improve Time to Yes and shorten Time to Cash. This means that the solution will shorten the time taken to conclude loan application and other transactions even in retail shops," he said.
