Note: this type of loan involves risks. Factoring is still in its infancy in Africa and the track record of such products is therefore limited.
Credit risk is hedged through a combination of pledged invoices, credit guarantees and a 20% deposit, which the client builds up with Financial Access over a period of twelve months.
Ecopharm is a Pharmacist, started by Idd Iwumbwe and his wife Sophia K. Iwumbwe, an Economist and Chartered Accountant (ACCA). The idea of a retail Pharmacy chain was conceived by the two founders with the first outlet opening in 2008.
Today, Ecopharm is a household name in the Retail Pharmaceutical sector and has gradually affirmed its position as one of the preferred destinations for people seeking prescription and non- prescription medications in Kampala and the suburbs. The pharmacy's branch network has increased progressively with the newest branch at the prestigious Acacia Mall at Kisementi- Kamwokya. Other branches are spread out in both the upmarket as well as the low income and common market areas. Turnover is between USD 1 mio and 2 Mio.
The company has opened up a wholesale division to cater for the high cost of medication when purchased locally. This has made Ecopharm a household name amongst both the low- and high income earners.