What is Asaak?

Asaak makes it easy for entrepreneurs in Uganda to access a loan, anytime, anywhere. You can complete our application in seconds and receive your loan direct into your mobile money or bank account. Asaak is like a bank in your pocket, there for you at all times.

Where is Asaak located?

Asaak has offices in Soroti & Kampala, Uganda and San Francisco, United States.

How do I get the latest version of the Asaak app?

You can go here to get a link to the latest version of the app, along with installation instructions.

Which mobile networks does Asaak support?

Asaak currently supports Airtel & MTN in Uganda.

Can I call an Asaak representative or visit an office?

You can call us here. Depending on where you are, you can also visit us in either our Kampala or Soroti branch.


How can I contact my credit officer?

Your dedicated credit officer will contact you directly during the application process. You will then be given their direct contact information. You can also contact your appropriate branch and we will route the call to your credit officer.

How do I validate my mobile number?

Once you enter your mobile number in the app, our system will send you a code to that number as a text message. You will need to entier this code on the next step to verify.

How do I change my personal details?

While applying, you can always go back and update any part of your application. After your loan is disbursed, you can ask your credit officer to update any information for you.


How can I increase my chances of being accepted?

You can increase your chances of being approved by repaying all loans on-time, by having consistent cash flows in your business and having enough collateral to secure your loan.

How long does the application take?

The initial application from start to finish will take you about 5-10 minutes to complete. Be sure to have your ID available. Our staff will then reach back out to you directly to process the rest of the loan, which can take 2-3 business days.

How does Asaak make lending decisions?

Asaak combines data about you and your business to make lending decisions. This information includes financial transactions, answers from the application and collateral information. We combine this with your Asaak repayment history to build an individualised credit score, which determines the loan offers you receive.

What is required to receive an Asaak loan?

Requirements are simple - all you need to apply is a phone number, a National ID, a mobile money or bank account and collateral to secure your loan.


What is the interest rate?

The interest rate will range from 2% to 7% per month, depending on the nature of the business and your Asaak credit score.

When can I apply for a higher amount?

After successfully repaying your first loan, you will unlock a higher credit limit. With each on-time repayment, Asaak will improve your terms as a way to say thanks!

How much can I borrow?

You can borrow as much as 100M UGX. We will work with you to determine the needs of your business.

How do I apply for a loan?

You can apply for a loan by downloading the Asaak app here. In addition, you can always come into one of our branches, which can be found here.


Can I repay early?

Yes! You can and should repay early when possible. We may reward you with bonuses and discounts on future payments by repaying early. Please see your contract for more details.

How can I get a repayment schedule?

Once you have been disbursed, your repayment schedule will become available in the Asaak app in the "Payment" section.

How can I repay my loan?

Once you have a loan, you can repay in several easy ways:

1) You can text "asaak pay" to  6115 to pay by mobile money

2) You can navigate to the Payment section within the Asaak app and click "Pay"

3) We also accept payment by bank account, via RTGS or EFT

4) You can contact your credit officer for help


Will Asaak sell my security if I do not pay?

Asaak will work with you to make sure you can repay your loan, so we don't have to take ownership of your security or collateral. In the case of default, however, we may have to take ownership of the collateral in order to recoup the loan amount.

Does Asaak report to the CRB?

Asaak does report to the CRB, currently operated by Metropol in Uganda. We want to encourage Asaak customers to repay on-time to build their credit histories.

What is a Credit Reference Bureau?

A Credit Reference Bureau (CRB) collects credit information on individuals and can provide your repayment performance data to banks, lenders, and potential employers. CRBs help promote financial inclusion and prevent over indebtedness.

Can I request to pay at a later date?

You may speak with your Asaak credit officer to check if changing your payment schedule is possible. We want your Asaak loan to work for you!

What will happen if I miss my repayment?

If you miss a payment, your Asaak credit officer will follow up with you to make sure everything is okay. We understand this may happen, but we do expect all of your payments to be made on time and any exceptions must be documented and approved.


What is your privacy policy?

Our privacy and terms are linked here.

Can I trust Asaak with my security?

Asaak does not want to own your security. We want you to be a lifelong customer and build a lasting, trusting relationship with us. We will never sell your security without prior authorization.

Can I trust Asaak with my data?

We use world-class data security and encryption techniques to protect the data you share with us. Asaak never shares your information with third parties unless it is for dedicated business purposes, such as reporting defaulted loans to authorized credit bureaus. We do not sell your data or credit profile.