takenow: Company Background and Operational Footprint in Uganda
takenow, officially operating under the legal entity WeBank Microfinance Company SMC Ltd, has rapidly emerged as a significant player in Uganda's digital lending landscape. Established in 2022 with a pilot rollout in September of that year, the company is a wholly owned subsidiary of WeBank Financial Services, a Chinese microfinance group. It operates locally with a Tier 3 microfinance institution license, granted by the Bank of Uganda, underscoring its commitment to regulatory compliance within the Ugandan financial sector. Its registered office is located at 111 Bombo Road, Nakasero, Kampala, Uganda.
The core business model of takenow revolves around asset-backed hire-purchase loans for smartphones, complemented by an expanding offering of personal microloans. This dual approach specifically targets Ugandan adults, aged eighteen years and above, particularly those in the low- to middle-income brackets. The company places a strong emphasis on empowering first-time smartphone buyers in both urban and peri-urban areas, enabling them to access essential digital services and opportunities. Revenue generation is primarily driven by fees embedded in installment plans, origination fees, and strategic partnerships that include data bundle offerings.
takenow's rapid growth and expansive reach are largely attributed to its strategic collaborations. Key partnerships include MTN Uganda, a leading telecommunications provider, and major Transsion brands such as Tecno, Itel, and Infinix. These alliances allow takenow to offer attractive device financing solutions bundled with mobile network services. The company boasts a significant digital footprint, with over one hundred thousand app downloads and a physical presence in more than two hundred retail outlets nationwide, ensuring broad accessibility for its target demographic. The leadership team in Uganda includes Philip Ruan as Managing Director, Ronald Mugulusi as Sales Director, and Mackinon Kabarole, who serves as a Senior Manager for Consumer Segment and acts as a crucial liaison for the MTN Uganda partnership.
Loan Products, Financial Terms, and Application Requirements
takenow offers two primary financial products tailored to the Ugandan market: device financing and personal microloans. Understanding the specific terms, rates, and application processes for each is crucial for potential borrowers.
Device Financing (Hire-Purchase for Smartphones)
This is takenow's flagship product, focused exclusively on smartphones from Tecno, Itel, and Infinix. The financing model is a hire-purchase arrangement, meaning customers do not own the device outright until all payments are completed. The initial deposit required ranges from thirty to forty percent of the retail price of the smartphone. For instance, on a device costing UGX 700,000, a customer might pay an initial deposit between UGX 210,000 and UGX 280,000. The remaining balance, typically UGX 420,000 to UGX 490,000, is financed over a period of three, four, five, or six months, offering a degree of flexibility in repayment tenor.
Repayments are structured as monthly installments and can be conveniently made via mobile money or through the MTN Pay Mpola Mpola scheme. While takenow explicitly advertises "0% interest on principal," it is important for borrowers to understand that fees are embedded within the higher total installment amount, effectively increasing the overall cost. Market practice suggests an implied Annual Percentage Rate (APR) of approximately twelve percent per annum, though this specific figure for takenow is unverified. Origination or processing fees are estimated to be between five and ten percent of the financed amount. Late payment penalties are applied, typically ranging from UGX 5,000 to UGX 10,000 per missed installment, in addition to daily penalty charges on the outstanding balance. A notable benefit for device financing customers is a free one gigabyte MTN data bundle provided monthly during the repayment period, as part of the Mpola Mpola partnership.
The device itself serves as collateral. While customers retain physical possession of the phone from the outset, ownership officially transfers only upon full repayment. In the event of default, takenow has the capability to remotely lock the phone, rendering it unusable until the outstanding payments are settled. This mechanism is a key risk mitigation strategy for the company.
Personal Microloans
takenow also offers personal microloans through its Android application, although the full scope of these loans is unverified in the provided information. These general-purpose loans range from a minimum of UGX 50,000 (approximately thirteen US Dollars) to a maximum of UGX 500,000 (approximately one hundred thirty US Dollars). The Annual Percentage Rate for these personal loans typically falls between fifteen and thirty percent per annum, which is common for microfinance products in the region. Loan tenors are notably short, usually spanning seven to thirty days, as suggested by the app listings. Unlike device financing, personal microloans do not require physical collateral, operating on a trust-based system that leverages the borrower's digital footprint and Know Your Customer (KYC) data.
Application Process and Requirements
Applying for a takenow loan is a straightforward, mobile-first process. Customers can either download the takenow Android application, which boasts a 4.5-star rating and over one hundred thousand downloads, or visit one of the two hundred-plus MTN and Transsion-partnered retail shops located countrywide. The basic informational website does not support direct web loan applications.
Key KYC requirements include a valid Ugandan National Identification card. An active MTN mobile number is highly recommended for a smoother application and repayment experience. The application process involves submitting ID details and a selfie, followed by automated ID verification using Optical Character Recognition (OCR) technology. Approval for device financing can be granted within minutes, while personal loans may require a more extensive credit history check. takenow employs a proprietary AI-driven risk engine for credit scoring, which analyzes data such as mobile money transaction history, telecom usage, and alternative data sources like social graph and smartphone metadata. This model classifies applicants into "green" for instant approval, or "amber/red" for manual review or rejection. Once approved, device financing involves the direct transfer of the handset to the customer upon initial deposit, with the device pre-configured with the remote-lock application. Personal loans are disbursed digitally via mobile money (MTN MoMo) or through bank transfer to institutions like Uganda Commercial Bank or Stanbic Bank.
Mobile App Experience, Regulatory Compliance, and Customer Feedback
The takenow mobile application is central to its digital lending operations, offering a streamlined user experience, while the company's regulatory status ensures a framework of trust and compliance. Customer feedback, both positive and negative, provides valuable insights into the user journey.
Mobile App Features and User Experience
The takenow mobile application is currently available exclusively on the Android platform, with plans to launch an iOS version in 2025. It serves as a comprehensive portal for managing loans, equipped with essential features such as a loan calculator, a repayment tracker, and the critical remote-lock security function for device financing. Users can also access in-app support chat for assistance. The app has received a strong average rating of 4.5 stars on Google Play, based on over 1,960 reviews, indicating a generally positive user reception for its ease of use and functionality.
Regulatory Status and Licensing
takenow operates with a Tier 3 microfinance license, which is issued and regulated by the Bank of Uganda. This licensing places the company under strict regulatory oversight, with periodic inspections conducted by both the Bank of Uganda and the Uganda Microfinance Regulatory Authority (UMRA). In terms of consumer protection, takenow commits to transparent fee disclosures within its application and adheres to Uganda’s Microfinance Deposit-taking Institutions Act. The company actively participates in the Credit Reference Bureau, which is vital for maintaining a healthy credit ecosystem and promoting responsible lending. As of September 2025, takenow has not faced any public sanctions or penalties, a testament to its compliance efforts.
Customer Reviews and Service Quality
Overall customer sentiment, as reflected in various reviews, highlights several positive aspects of takenow's services. Borrowers frequently praise the quick approval times, flexible repayment terms, and the ease of accessing smartphones, which for many, are essential tools for daily life and income generation. A notable success story includes a twenty-eight-year-old boda-boda rider who, by upgrading to a smartphone through takenow, reportedly doubled his online gig earnings and successfully repaid his UGX 350,000 loan within six months.
However, takenow also faces common complaints. The remote phone lock feature, while a security measure for the company, is often perceived as punitive by customers who face delayed payments. There are recurring issues regarding the difficulty in reaching customer support, as well as concerns about unexpected penalty fees and a lack of transparency in how these charges accrue, especially for non-usage days or missed installments. Customer service channels include an in-app chat, a call center (+256 706 157439), and email ([email protected]). The average resolution time is stated as forty-eight hours, though reports of call center unresponsiveness persist.
Market Position, Competitive Landscape, and Growth Outlook
takenow has carved out a significant niche in the Ugandan digital lending market, particularly in smartphone financing, while navigating a competitive landscape and planning ambitious growth initiatives.
Market Share and Competitive Differentiation
In the burgeoning smartphone financing market in Uganda, takenow holds an estimated thirty-five percent share of all device financing activities. While it ranks second regionally to MTN’s Mpola Mdogo Mdogo (a Safaricom-led initiative in Kenya), takenow is positioned as the leading provider in Uganda through its MTN Pay Mpola Mpola partnership. Its competitive differentiation stems from several strategic advantages: an exclusive focus on Transsion brands (Tecno, Itel, Infinix), which are popular in the market; the appeal of "zero explicit interest" by embedding fees, which attracts consumers averse to traditional interest charges; and an integrated telecom partnership that offers free monthly data and airtime bundles, adding significant value for customers.
Key Competitors
takenow operates within a dynamic competitive environment. Its primary competitors in device financing include MTN Pay Mpola Mpola, which offers in-house financing schemes, and Airtel Uganda with its own device installment plans. In the broader microloan segment, takenow competes with local microfinance institutions that offer unsecured microloans via mobile applications, such as OKash and eZuka. The ability to differentiate and add value is crucial for sustained success in this crowded market.
Growth and Expansion Plans
takenow has outlined clear growth and expansion plans for the near future. For 2025, the company aims to launch an iOS version of its application, expanding its reach to Apple users. There are also plans to extend its services into more rural districts, moving beyond its current focus on urban and peri-urban centers like Kampala, Wakiso, Jinja, Gulu, Mbarara, and Mbale. A significant product expansion involves introducing small-business microloans, ranging from UGX 1 million to UGX 5 million, catering to the needs of micro-entrepreneurs. takenow is actively pursuing new partnerships, with ongoing discussions with Stanbic Bank for co-branded personal loan products and exploring fintech API integrations to enhance its SME credit scoring capabilities. These initiatives indicate a strategic move towards diversifying its product portfolio and deepening its market penetration.
Financial Performance and Risk Management
takenow's financial performance highlights its rapid ascent. Estimated annual revenue for 2024 from device financing fees is projected at UGX 4 billion (approximately USD 1.04 million). The company anticipates reaching break-even point in the fourth quarter of 2024, with a projected net profit margin of eight percent in 2025. Initial seed funding amounted to USD 500,000 from its WeBank headquarters in 2022, and a Series A funding round of USD 2 million is planned for the second half of 2025 to fuel further product expansion. The loan portfolio outstanding stands at UGX 1.5 billion (approximately USD 390,000) across device and personal loans. The Portfolio at Risk (loans over thirty days delinquent) is twelve percent, which falls within the industry average of ten to fifteen percent. The overall default rate for loans over thirty days delinquent was nine percent as of June 2025. takenow employs various risk mitigation strategies, including its remote-lock technology, alternative data underwriting, and partnership with the Credit Reference Bureau for blacklisting defaulting customers.
Practical Advice for Potential Borrowers
For individuals in Uganda considering takenow's digital lending services, careful consideration and a thorough understanding of the terms are essential. Here is some practical advice to ensure a positive borrowing experience:
- Read All Terms and Conditions Carefully: While takenow advertises "0% interest" on device financing, understand that fees are embedded. Pay close attention to all disclosed fees, including origination fees, and particularly late payment penalties, which can include both fixed amounts (e.g., UGX 5,000-10,000) and daily charges on outstanding balances. Ensure you fully comprehend how these penalties accrue.
- Understand the Remote Lock Mechanism: Be fully aware that for device financing, your smartphone can be remotely locked if you default on payments. This can be a significant inconvenience and impact your ability to use the device. Ensure you have a clear plan for consistent monthly repayments.
- Assess Your Repayment Capacity: Before committing, honestly evaluate your ability to make consistent and timely monthly payments. Missing payments can lead to additional fees and the remote locking of your device, which can create further financial strain.
- Compare Offerings: Do not limit your options. Compare takenow's device financing and personal loan products with those offered by competitors like MTN Pay Mpola Mpola, Airtel Uganda, and other local microfinance apps such as OKash or eZuka. Look at the total cost of the loan, not just the advertised interest or initial deposit.
- Utilize the Mobile App Features: Make the most of the takenow app's features. Use the loan calculator to understand your total repayment amount. Regularly check the repayment tracker to monitor your payment schedule and avoid missing due dates.
- Engage Customer Service Proactively: If you anticipate any difficulty in making a payment or have questions about your loan, contact takenow's customer service channels (in-app chat, call center, email) as early as possible. Proactive communication can sometimes help in finding solutions or understanding your obligations better. Be prepared for potential delays in response times based on customer feedback.
- Value the Included Data Bundle: For device financing, factor in the value of the free one gigabyte MTN data bundle provided monthly. This can be a tangible saving and a beneficial addition to your smartphone usage.
- Be Mindful of Short Tenors for Personal Loans: If considering a personal microloan, remember the short repayment tenors (typically seven to thirty days) and the Annual Percentage Rate (15-30% p.a.). These are short-term solutions and should be repaid promptly to avoid high cumulative costs.
