By Our writer
It is not uncommon in Uganda to hear stories of a student who has failed to complete their studies or a person who has been unable to travel to a certain destination for lack of money.
However, Ticteq, a Financial Technology Company (FinTech) has come up with a product that seeks to solve to this challenge by enabling people publically share their problems via a common portal to fundraise money to address these pressing needs.
Dubbed Crowd Funding, the product which is on the Ticteq portal, allows anyone to post their problem that needs public support and well-wishers use the same portal to make contributions.
According to George Katuramu, the Ticteq Director, the causes can range from education to medical to social, among others.
When a person makes a donation, the benefactor automatically receives the money instantly at no cost. But Katuramu emphasizes that they follow up the funds to ensure that they are used for the intended cause.
“With our portal, you can always know who donated, the total number of people who donated and the total amount donated and you can withdraw the money to your mobile money account or a bank account at any time but we follow up to ensure that the money is used for the purpose for which it was raised,” he says.
Although the product would salvage many people who we usually see on social media platforms conversing for financial support, Katuramu notes that most Ugandans are yet to appreciate the power of crowd funding.
“Most Ugandans think that crowd funding is for people who need organ transplant or surgery which is not true; it is for everyone. You may need tuition to complete your education or need money to travel, you can raise it through crowd funding,” he says.
“Simply share your story, giving details of what you need to do and how you want to do it. The people who will like your story and get touched to contribute towards the cause; they will do so,” he explains.
To popularize the innovation, Katuramu says the firm is undertaking an awareness drive on its website to create interest from the public.
Besides crowd funding, the FinTech also offers the Ticteq product; an online platform that brings events’ organizers and revelers in one place, allowing them to sell/buy tickets for sports, theatre shows, music concerts, cinemas, comedy shows, and festivals among others.
Using the platform, event organizers can contact people who have bought tickets, and a customer can also get a refund in case they are unable to attend.
“This is a complete solution for someone who wants to organise a successful event, without worrying about tickets, fake notes, coins or being cheated at the entrance,” he says, adding that one simply visits www.ticteq.com to buy a ticket using either mobile money or a credit card.
Ticteq is one of the firms participating in the second edition of the 40-Days 40 FinTechs initiative organised by HiPipo in partnership with Crosslake Technologies, ModusBox and Mojaloop Foundation, and sponsored by the Gates Foundation.
The initiative provides a platform for FinTechs and stakeholders in the digital and financial technology space to exhibit their products and share ideas.
Katuramu applauded HiPipo for the initiative, saying that it has helped shine a light on the great solutions being innovated by the various FinTechs to solve everyday challenges, which most people did not know about.
He, however, appeals to the government to support Uganda’s FinTech industry, noting that it holds the answer to boosting financial inclusion.
The HiPipo Chief Executive Officer Innocent Kawooya says this edition of 40-Days 40 FinTechs will be Uganda’s most comprehensive foray into things like distributed ledger technologies, Artificial Intelligence, Big Data, Automated Customer Relationship Management, cash management and lending platforms.
He notes that FinTech is the launchpad on which the promise of full global financial inclusion will be fulfilled.
“The #40Days40FinTechs #LevelOneProject shall show we have the innovators to take on today’s challenges,” Kawooya says.
However, he adds, a connecting thread will be how FinTechs urgently need interoperability and thus how open source frameworks such as Mojaloop and other technologies, are here to help, including guiding on how emerging frameworks such as #LevelOneProject principles can be used to engender sustainable financial inclusion impact.